as of June 30, 2015 - Attijariwafa Bank juin 2015-vang.pdf · as of June 30, 2015 Results 15 Contact: Financial Information and Investor Relations - Ibtissam Abouharia, email: [email protected]

1Attijariwafa bank Results at 30 June 2015

Attijariwafa bank as of June 30, 2015

Results15

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Attijariwafa bankA limited company with a capital of MAD 2,035,272,260. Head office: 2, boulevard moulay Youssef, 20,000 Casablanca, MoroccoPhone: +212 (0) 5 22 22 41 69 or +212 (0) 5 22 29 88 88 - TR 333 - IF 01085221www.attijariwafabank.com


› 16,970 Employees

› 2,674 Branches in Morocco

› 212 Branches in North Africa

› 73 Branches in Europe and the Middle East

› 315 Branches in West Africa

› 102 Branches in Central Africa

Stock market indicators

Attijariwafa bank key figures

Shareholding structureas of June 30, 2015

Attijariwafa bank’s share price performance

SNI GroupLocal InstitutionsFree-float and othersSantanderAttijariwafa bank staff

47.9 %

23.9 %

5.3 %

20.3 %

2.7 %

Largest bank by market capitalisation in Morocco : MAD 71.2 bn as of June 30, 2015.

65

100

135

170

MASI ATTIJARIWAFA BANK Base 100 Dec 09

AWB : -10.6% MASI : -15.1%

2011

2012

2013

AWB : -14.0% MASI : -12.9%

AWB : -2.6% MASI: -2.6%

AWB : +50.7% MASI : +21.2%

2010

2014

AWB :+12.8%

MASI: +5.6%

2015

AWB :+0.6%

MASI: -1.1%

12/31/09 12/08/10 11/15/11 10/22/12 09/29/13 09/06/14 08/14/15

Attijariwafa bank 12/31/2013 12/31/2014 06/30/2015

Price 305.0 344.0 350.0

P/B 1.87x 1.97x 1.99x

PER 14.99x 16.08x 15.41x

DY 3.11 % 2.91 % -

Number of Shares 203,527,226 203,527,226 203,527,226

Market capitalisation (in millions of Dirhams) 62,076 70,013 71,235

As of 30 June 2015, the PER is based on annualised net income group share

RatingFitch RAting July 2015

Long-term in foreign currency BB+

Short-term in foreign currency B

Long-term in local currency BBB-

Short-term in local currency F3

Outlook stable

cApitAl intelligence August 2015

Long-term BBB-

Short-term A3

Financial Strength BBB

Outlook stable

StAndARd & pooR’S november 2014

Long-term BB

Short-term B

Outlook stable

General Management

GENERAL MANAGEMENT AND COORDINATION COMMITTEE

Network

Central Entities

BOARD OF DIRECTORS

Mr Mohamed El KEttANi Chairman & Chief Executive Officer

Mr Omar BOuNjOu Co-CEO, Retail Banking Division

Mr ismail DOuiri Co-CEO, Finance, Technology and Operations Division

Mr Boubker jAi Co-CEO, Corporate and Investment Banking, Capital Markets & Financial Subsidiaries

Mr talal El BEllAj Co-CEO, Global Risk Management

Mr Saâd BENjEllOuN Head of Casablanca region

Mr Saâd BENWAhOuD Head of North-West network

Mr Said SEBti Head of North-East network

Mr Mohamed BOuBriK Head of South-West network

Mr rachid El BOuziDi Head of MLA Banking

Mr Fouad MAghOuS Head of South network

Mr hassan BEDrAOui Managing Director, Attijariwafa bank Europe

Mr Mounir OuDghiri Managing Director, CBAO Senegal

Mr Mohamed El KEttANi Chairman of the Board Mr Abed YACOuBi SOuSSANE Director

Mr Antonio ESCAMEz tOrrES Vice-Chairman Mr Aldo OlCESE SANtONjA Director

Mr Mounir El MAjiDi Director, Representing SIGER Mr Manuel VArElA Director, Representing Santander

Mr hassan OuriAgli Director, Representing SNI Mr Abdelmajid tAzlAOui Director

Mr josé rEig Director Mrs Wafaâ guESSOuS Secretary

Mr Mouaouia ESSEKElli Transaction Banking

Mr hassan BErtAl SMEs banking

Mr Chakib Erquizi Capital Markets

Mr Omar ghOMAri Group Human Resources

Mrs Wafaa guESSOuS Procurement, Logistics and Secretary of the Board

Mr Youssef rOuiSSi Corporate & Investment Banking

Mr Younes BElABED Retail Banking Support Functions

Mrs Saloua BENMEhrEz Group Communication

Mr ismail El FilAli General Audit

Mrs Malika El YOuNSi Group Legal Advisory

Mr Badr AliOuA Private Banking

Mr rachid KEttANi Group Finance Division

Mrs Soumaya lrhEzziOui Group Information Systems

Mr Driss MAghrAOui Personal & Professional Banking

Mr Mohamed SOuSSi Back Offices and Customer Services


RESULTS at 30 June 2015

good commercial performance and higher profits in a challenging context

Attijariwafa bank’s Board of Directors, chaired by Mr Mohamed El Kettani, met on 7th September 2015 in order to review the activity and approve the financial statements for the first half 2015.

› total consolidated assets : MAD 403.7 billion (-0.8 %)1

› consolidated shareholders’ equity : MAD 40.6 billion (+5.9 %)1

› net banking income : MAD 9.8 billion (+0 .0%)1

› gross operating income : MAD 5.4 billion (-3,9 %)1

› net income : MAD 2.8 billion (+3.3%)1

› net income group share : MAD 2.3 billion (+2.2%)1

› total network : 3,376 branches in 23 countries› number of customers : 7.6 million› total staff : 16,970 employees

15

no.1 Savings institution

Total savings2 (billion MAD)

346.1

june 14 june 15

+8.2 %

374.4

geographical breakdown of savingsas of 30 june 2015

Morocco81.7 %

International 3

18.3 %

Total consolidated loans (billion MAD)

n° 1 provider of financing to the economy

geographical breakdown of loansas of 30 june 2015

Morocco78.6 %

International3

21.4 %

geographical breakdown of distribution network as of 30 june 2015

n° 1 branch networkin Morocco and Africa

Morocco79.2%

International 3

20.8%

Morocco Outside Morocco

Total number of branches

3,265

june 14 june 15

+3.4 %

3,376

2,595

670

2,674

702256.4

june 14 june 15

-0.8 %

254.4

(1) Base H1 - 2014(2) Consolidated customer deposits + assets under management + bancassurance assets(3) International : North Africa (Tunisia, Mauritania), WAEMU (Senegal, Burkina-Faso, Mali, Ivory Coast, Guinea-Bissau, Togo and Niger),

CAEMC (Cameroon, Congo and Gabon), Europe (Belgium, France, Germany, Netherlands, Italy and Spain), Dubai, Riyadh, London and Tripoli.

The Board of DirectorsCasablanca, 7th September 2015

Attijariwafa bank reported good financial results for the first half of 2015 despite a challenging context marked by slower growth in loans and further reinforcement of the regulatory environment in all the countries of presence, thanks, among other things, to its proactive risk management policy.

Stable net Banking income in a mixed environment Net Banking income (NBi) stood flat at MAd 9.8 bn. despite a decrease by 18.5% of income from Market Activities due to non-recurring revenues in the first half of 2014.

Net interest income and Net Fee income were up 6.9% and 2.9% respectively benefiting from solid commercial achievements of all the operating divisions: Bank in Morocco, insurance, Specialized Financial Subsidiaries and international retail Banking.

Consolidated Net income rose 3.3% to MAd 2.8 bn. despite an increase of 5.4% in operating costs, thanks to the strong improvement of cost of risk, down 25.9%.

thanks to a slow but continued improvement of economic conditions in all the countries of presence, risk profiles of loan portfolios are recovering in most group activities. the group’s conservative and anticipatory risk provisioning approach led to a significant drop in the cost of risk in 1h2015.

Net income group Share totaled MAd 2.3 bn. up 2.2%. returns remained in line with best standards (Roe of 14.6% and RoA of 1.4%) and consolidated shareholders’ equity rose by 5.9% to MAd 40.6 bn.

Strong commitment to AfricaAttijariwafa bank renewed its commitment to Africa through the organization, in February 2015, of the

third edition of “Afrique développement” Forum with the participation of more than 1,700 economic and institutional players from 18 African countries. this event, which aims at promoting trade and investment in Africa, helped further strengthen the role of the group as a major economic actor in the continent.

Further improvement in economic conditions expected in the fourth quarterthe group is entering the last four months of the year with optimism and determination. it is launching several initiatives in order to stimulate the demand of loans from individuals, SMEs and very small enterprises, while remaining disciplined in terms of risk management and provisioning, both in Morocco and in other countries of presence.

the Board of directors congratulated the teams of all the entities of the group for their commitment and achievements in the first half of 2015.

Attijariwafa bank’s consolidated financial statements have been prepared under International Financial Reporting Standards (IFRS) since first-half 2007 with the opening balance at 1 January 2006.

In its consolidated financial statements for the year ended 30 June 2015, the Attijariwafa bank Group has applied the obligatory principles and standards set out by the International Accounting Standards Board (IASB).

Consolidation principles:

Standard:The scope of consolidation is determined on the basis of what type of control (exclusive control, joint control or material influence) is exercised over the various overseas and domestic entities in which the Group has a direct or indirect interest.

The Group likewise consolidates legally independent entities specifically established for a restricted and well-defined purpose known as « special purpose entities », which are controlled by the credit institution, without there being any shareholder relationship between the entities.

The extent to which the Group exercises control will determine the consolidation method: fully consolidated for entities under the exclusive control of the Group as required by IFRS 10 “Consolidated Financial Statements” or under the equity method for associate companies or joint ventures as required by IAS 28 “Investments in Associates and Joint Ventures”.

Policies adopted by Attijariwafa bank:Attijariwafa bank includes entities in its scope of consolidation in which:

• It holds, directly or indirectly, at least 20% of the voting rights;

• The subsidiary’s consolidated figures satisfy one of the following criteria:- The subsidiary’s total assets exceed 0.5% of consolidated

total assets;- The subsidiary’s net assets exceed 0.5% of consolidated

net assets;- The subsidiary’s sales or banking income exceed 0.5% of

consolidated banking income.

Specialist mutual funds (UCITS) are consolidated according to IFRS 10 which addresses the issue of consolidation of special purpose entities and in particular funds under exclusive control.

Those entities controlled or under exclusive control whose securities are held for a short period of time are excluded from the scope of consolidation.

Fixed assets:

Property, plant and equipment:

Standard:

Items of property plant and equipment are valued by entities using either the cost model or the revaluation model.

Cost modelUnder the cost model, assets are valued at cost less accumulated depreciation.

Revaluation modelOn being recognised as an asset, an item of property, plant and equipment, whose fair value may be accurately assessed, must be marked to market. Fair value is the value determined at the time the asset is marked to market less accumulated depreciation.

The sum-of-parts approach breaks down the items of property, plant and equipment into their most significant individual parts (constituents). They must be accounted for separately and systematically depreciated as a function of their estimated useful lives in such a way as to reflect the rate at which the related economic benefits are consumed.

Estimated useful life under IFRS is the length of time that a depreciable asset is expected to be usable.

The depreciable amount of an asset is the cost of the asset (or fair value) less its residual value.

Residual value is the value of the asset at the end of its estimated useful life, which takes into account the asset’s age and foreseeable condition.

Borrowing costs The IAS 23 standard entitled « Borrowing costs » does not allow to recognise immediately as expenses the cost of borrowing directly attributable to acquisition, construction or production of an eligible asset. All the costs of borrowing must be added into the expenses.

Policies adopted by Attijariwafa bank:The Group has opted to use the cost model. The fair value method may be used, however, without having to justify this choice, with an account under shareholders’ equity.

Attijariwafa bank has decided against using several depreciation schedules but a single depreciation schedule in the consolidated financial statements under IFRS standards.

Under the sum-of-parts approach, the Group has decided to not include those components whose gross value is less than MAD 1000 thousand.- Historical cost (original cost) is broken down on the basis of

the breakdown of the current replacement cost as a function of technical data.

Residual value:

The residual value of each part is considered to be zero except in the case of land. Residual value is applied only to land (nonamortisable by nature), which is the only component to have an unlimited life.

Investment property:Standard:An investment property is a property which is held either to earn rental income or for capital appreciation or for both.

Accounting Standards and Principles applied by the Group

Consolidated Accounts at 30 June 2015FINANCIAL STATEMENTS

14


An investment property generates cash flows in a very different way to the company’s other assets unlike the use of a building by its owner whose main purpose is to produce or provide goods and services.

An entity has the choice between:

The fair value method – if an entity opts for this treatment, then it must be applied to all buildings.

The cost model – an estimate of the fair value of investment properties must be recorded either in the balance sheet or in the notes to the financial statements.

It is only possible to move from the cost method to the fair value method.

Policies adopted by Attijariwafa bank:All buildings not used in ordinary activities are classified as investment property except for staff accommodation and buildings expected to be sold within a year.

The Group’s policy is to retain all buildings used in ordinary activities and those leased to companies outside the Group.

The historical cost method, modified by the sum-of-parts approach, is used to value investment properties. Information about fair value must be presented in the notes to the financial statements.

Intangible assets:Standard:An intangible asset is a non-monetary asset which is identifiable and not physical in nature.An intangible asset is deemed to be identifiable if it:• Is separable, that is to say, capable of being separated and sold,

transferred, licensed, rented, or exchanged, either individually or together with a related contract; or

• Arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.

Two valuation methods are possible:• the cost method;• the revaluation model. this treatment is possible if an active

market exists.

Amortisation of an intangible asset depends on its estimated useful life. An intangible asset with an unlimited useful life is not amortised but subject to impairment testing at least once a year at the end of the period. An intangible asset with a limited useful life is amortised over the life of the asset.

An intangible asset produced by the company for internal use is recognised if it is classified, from the R&D phase, as a fixed asset.

Policies adopted by Attijariwafa bank:Attijariwafa bank has decided against using several amortisation schedules but a single amortisation schedule in the consolidated financial statements under IFRS/IAS.

Acquisition costs not yet amortised as expenses at 1 January 2006 have been restated under shareholders’ equity.

Leasehold rights :Leasehold rights recognised in the parent company financial statements are not amortised. In the consolidated financial statements, they are amortised using an appropriate method over their useful life.

Business goodwill: Business goodwill recorded in the parent company financial statements of the different consolidated entities has been reviewed to ensure that the way in which it is calculated is in accordance with IAS/IFRS.

Software:

The estimated useful life of software differs depending on the type of software (operating software or administrative software).

Valuation of software developed in-house:

Group Information Systems’ Management provides the necessary information to value software developed in-house. In the event that the valuation is not accurate, then the software cannot be recognised as an asset.

Transfer fees, commission and legal fees: These are recognised as expenses or at purchase cost depending on their value.

Separate amortisation schedules are used if there is a difference of more than MAD 1000K between parent company financial statements and IFRS statements.

Goodwill:Standard:

Cost of a business combination:

Business combinations are accounted for using the acquisition method according to which the acquisition cost is contingent consideration transferred in order to obtain control.

The acquirer must measure the acquisition cost as:

• The aggregate fair value, at the acquisition date, of assets acquired, liabilities incurred or assumed and equity instruments issued by the acquirer in consideration for control of the acquired company ;

• The other costs directly attributable to the acquisition are recognised through profit or loss in the year in which they are incurred.

The acquisition date is the date at which the acquirer obtains effective control of the acquired company.

Allocation of the cost of a business combination to the assets acquired and to the liabilities and contingent liabilities assumed:

The acquirer must, at the date of acquisition, allocate the cost of a business combination by recognising the identifiable assets, liabilities and contingent liabilities of the acquiree that satisfy the recognition criteria at their respective fair values on that date.

Any difference between the cost of the business combination and the acquirer’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities is recognised under goodwill.

Accounting for Goodwill:The acquirer must, at the date of acquisition, recognise the goodwill acquired in a business combination.

• Initial measurement : this goodwill must be initially measured at cost, namely the excess of the cost of the business combination over the acquirer’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities.

• Subsequent measurement: following initial recognition, the acquirer must measure the goodwill acquired in a business combination at cost less cumulative impairment subsequent to annual impairment tests or when there is any indication of impairment to its carrying value.

If the share of the fair value of the assets, liabilities and contingent liabilities of the acquired entities exceeds the acquisition cost, negative goodwill is recognised immediately through profit or loss.

If initial recognition of a business combination can be determinedonly provisionally by the end of the reporting period in which the business combination takes place, the acquirer must account for the business combination using provisional values. The acquirer must recognise adjustments to provisional values relating to finalising the recognition within that financial period, beyond which time no adjustments are possible.

Policies adopted by Attijariwafa bank: • Option taken not to restate the existing goodwill at 12/31/05,

in accordance with the provisions of IFRS 1 “First-Time Adoption” ;

• Goodwill amortisation is discontinued when the asset has an indefinite life in accordance with amended IFRS 3 “Business combinations”;

• Regular impairment tests must be carried out to ensure that the carrying amount of goodwill is below the recoverable amount. If not, an impairment loss must be recognised;

• the Cash Generating Units mirror the segment reporting to be presented at Group level ; these are the banking business and the insurance business ;

• The recoverable amount is the higher of the unit’s value in use and its carrying amount less costs of disposal. This is used in impairment tests as required by IAS 36. If an impairment test reveals that the recoverable amount is less than the carrying amount, then the asset is written down by the excess of the carrying amount over its recoverable amount.

Inventories:Standard:Inventories are assets:• Held for sale during the normal business cycle;• In the process of being produced for future sale;• In the form of raw materials or supplies consumed during the

production process or to provide services.

Inventories must be valued at the lower of cost or net realisable value.

Net realisable value is the estimated sales price in the normal course of business activity less• Estimated costs of completion;• Costs required for making the sale.

Policies adopted by Attijariwafa bank:Inventories are valued according to the weighted average unit cost method.

Leases:Standard:A lease is an agreement by which the Lessor transfers to the Lessee for a specific period of time the right to use an asset in exchange for payment or a series of payments.

Distinction must be made between:• A finance lease, which is a contract by which almost all the

risks and benefits inherent in ownership of the asset are transferred to the lessee;

• An operating lease, which is any contract other than a finance lease.

Finance leases are financial instruments whose nominal value relates to the value of the property acquired/leased minus/plus fees paid/received and any other fees. The rate used in this case is the effective interest rate.

The effective interest rate is the discount rate which is used to equate:• The net present value of minimum payments to be received

by the Lessor plus the non-guaranteed residual value; and

• The property’s entry value (equal to initial fair value plus initial direct costs).

Policies adopted by Attijariwafa bank:No restatement is needed for operating leases for a specific period and which are automatically renewable.

Long-term rental contracts are considered as operating leases.

Leasing contracts are finance leases in which Attijariwafa bank is the Lessor. The Bank only accounts for its share of the contract in its financial statements.

At the beginning of the contract, rents relating to lease contracts for an indefinite period and leasing contracts are discounted using the effective interest rate. Their value relates to the initial financing amount.

Financial assets and liabilities (loans, borrowings & deposits):

Standard:

loans and receivablesThe amortised cost of a financial asset or liability relates to the value at which the instrument has been initially valued:• Less any repayment of principal;• Plus or minus accumulated amortisation calculated using

the effective interest rate on any difference between the initial amount and the amount to be repaid at maturity;

• Less any reductions for impairment or non-recoverability.

This calculation must include all fees and amounts paid or received directly attributable to the loans, transaction costs and any discount or premium.

provisions for loan impairmentA provision is booked when there is any indication of impairment to loans and receivables.

Provisions are determined on the basis of the difference between the loan's net carrying amount and its estimated recoverable amount.

Impairment is applied on an individual or collective basis.

Provision for impairment on an individual basis:In the case of a loan in arrears, losses are determined on the basis of the net present value of future estimated flows, discounted using the loan’s initial effective interest rate. Future flows include the value of guarantees received and recovery costs.

In the case of a loan which is not in arrears but for which indications of impairment are indicating forthcoming difficulties, the Group may use empirical tables of comparable losses to estimate and adjust future flows.

Provision for impairment on a collective basis:If an individual loan impairment test does not produce any indications of impairment, then the loans are classified in groups with similar credit risk profiles before undergoing a collective impairment test.

Borrowings and deposits:When initially recognised, a deposit or borrowing classified under IFRS in “Other financial liabilities” must be initially measured in the balance sheet at fair value plus or minus:

• transaction costs (these are external acquisition costs directly attributable to the transaction) ;

• fees received constituting professional fees that represent an integral part of the effective rate of return on the deposit or borrowing.

Deposits and borrowings classified under IFRS as “Other financial liabilities” are subsequently measured at the end of the reporting period at amortised cost using the effective interest rate method (actuarial rate).


Deposits classified under IFRS as “Liabilities held for trading” are subsequently measured at fair value at the end of the reporting period. The fair value of the deposit is calculated excluding accrued interest.

A deposit or borrowing may be the host contract for an embedded derivative. In certain circumstances, the embedded derivative must be separated from the host contract and recognised in accordance with the principles applicable to derivatives. This analysis must be done at the inception of the contract on the basis of the contractual provisions.

Policies adopted by Attijariwafa bank:loans and receivables

The Group’s policy is to apply the cost model to all loans maturing in more than one year as a function of their size. Loans maturing in less than one year are recorded at historical cost.

provisions for loan impairment:The criteria proposed by Bank Al Maghrib in Circular N°19/G/2002 form the basis of the Group’s provisioning policy regarding impairment on an individual basis.

The basis for provisioning for impairment on a collective basis has been adapted as a function of each Group entity’s activity and also relates to healthy loans.

Specific provisions:Attijariwafa bank has developed statistical models, specific to eachof the relevant entities, to calculate specific provisions based on:• Historical data relating to recovery of non-performing loans;• Information about non-recurring loans available to loan recovery

units for relatively significant amounts;• Guarantees and pledges held.

Collective provisions:Attijariwafa bank has developed statistical models, specific to each relevant entity, to calculate collective provisions based on historical data relating to loan deterioration – healthy loans becoming non-performing loans.

Borrowings:Borrowings and deposits are classified under different categories including « Financial liabilities », « Trading liabilities » and « Liabilities accounted for under the fair value option ».

deposits:

Sight deposits:Attijariwafa bank applies IAS39 §49 standard to sight deposits. The fair value of a sight deposit cannot be lower than the amount due on demand. It is discounted from the first date on which the repayment may be demanded.

Interest-bearing deposits:• Deposits bearing interest at market rates – the fair value is

the nominal value unless transaction costs are significant.

A historical record of 10-year bond yields needs to be kept to be able to justify that the rates correspond to the original market rates.

• Deposits bearing interest at non-market rates – the fair value is the nominal value plus a discount.

Savings book deposits:The rate applied is regulated for the vast majority of credit institutions.

Accordingly, no specific accounting treatment is required for savings book deposits.

Deposits must be classified under the «Other liabilities » category.

Securities:Standard:The IAS 39 standard defines four asset categories applicable to securities:• Trading securities (financial assets held at fair value through

income);• Available-for-sale financial assets;• Held-to-maturity investments;• Loans and receivables, (includes financial assets not quoted on

an active market which are purchased directly from the issuer).

The securities are classified depending on the purpose for which they are held.

Trading portfolio securities : financial assets at fair value through profit or loss and financial assets designated at fair value through profit or loss at inceptionAccording to IAS 39.9, financial assets or liabilities held at fair value through income are assets or liabilities acquired or generated by the company for the primary purpose of making a profit from short-term price fluctuations or from arbitrage activities.

All derivative instruments are recognised as financial assets (or liabilities) at fair value through profit or loss except when they are used for hedging purposes.

Securities classified as financial assets held at fair value through income are recognised in the income statement.

This category of security is not subject to impairment.

Available-for-sale financial assetsThis category includes available-for-sale securities, investment securities and investments in non-consolidated affiliates and other long-term investments.

The standard stipulates that those assets and liabilities which do not satisfy the criteria for the three other asset categories are included in this category.

Changes in the fair value of available-for-sale securities (positive or negative) are recognised directly in equity (transferable equity). The amortisation of any possible premium/discount of fixed income securities is recognised in the income statement using to effective interest rate method (actuarial method).

On any indication of significant or lasting impairment in the case of equity securities and the occurrence of credit risk for debt securities, the unrealised loss that was recognised in equity must be removed and recognised in the income statement.

On subsequent improvement, a write-back may be booked against the provision for impairment in the case of debt securities but not so for equity securities. In the latter case, a positive change in fair value is recognised in transferable equity and a negative change in equity.

Held-to-maturity investmentsThis category includes securities with fixed or determinable payments that the Group intends to keep until maturity.

Classifying securities in this category entails an obligation not to dispose of the securities before maturity. If an entity sells a held-to-maturity security before maturity, all of its other held to-maturity investments must be reclassified as available-for sale investments for the current and next two reporting years.

Held-to-maturity investments are measured at amortised cost with the premium/discount being amortised using the effective interest rate method (actuarial method).

On any indication of impairment, a provision must be booked for the difference between the carrying amount and the estimated recoverable value. The estimated recoverable value is the net present value of future estimated flows, discounted using the loan’s initial effective interest rate.

On subsequent improvement, a write-back may be booked against the provision for impairment.

Loans and receivablesThe «Loans and receivables category » includes unquoted financial assets which are not intended to be sold and which the institution intends to keep for the long term.

Loans and receivables are recognised at amortised cost, using the effective interest rate method and restated for any possible impairment provisions.

On any indication of impairment, a provision must be booked for the difference between the carrying amount and the estimated recoverable value.

On subsequent improvement, a write-back may be booked against the provision for impairment.

Policies adopted by Attijariwafa bank

Portfolio classification

Attijariwafa bank and other entities excluding insurance companies

The instruments held in portfolios are currently classified in the following categories:

hFt AFS htM loans and

• Trading and dealing Room portfolios

• Negotiable treasury bills classified in the Investment Portfolio

• Bonds and other negotiable debt securities

• Long-term investments

• Treasury Bills

• CAM bonds;• CIH bonds;

Securities lending/borrowing and repurchase agreementsSecurities temporarily sold under repurchase agreements continue to be recognised in the Group’s balance sheet in the category of securities to which they belong. The corresponding liability is recognised under the appropriate debt category except in the case of repurchase agreements contracted by the Group for trading purposes where the corresponding liability is recognised under “Financial liabilities at fair value through profit or loss”. Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group’s balance sheet. The corresponding receivable is recognised under “Loans and receivables” except in the case of reverse repurchase agreements contracted by the Group for trading purposes, where the corresponding receivable is recognised under “Financial assets at fair value through profit or loss”.

Treasury sharesThe term “treasury shares” refers to shares issued by the consolidating company, Attijariwafa bank. Treasury shares held by the Group are deducted from consolidated shareholders’ equity. Gains and losses arising on such instruments are also eliminated from the consolidated profit and loss account.

DerivativesStandard:A derivative is a financial instrument or another contract included in IAS 39’s scope of application which meets the following three criteria:

• Its value changes in response to a change in a variable such as specified interest rate, the price of a financial instrument, a price, index or yield benchmark, a credit rating, a credit

index or any other variable, provided that in the case of a non-financial variable, the variable must not be specific to any one party to the contract (sometimes known as «the underlying »);

• Requires no initial investment or one that is smaller than would be required for a contract having a similar reaction to changes in market conditions; and

• Is settled at a future data.A hedging instrument is a designated derivative or, in the case of a hedge for foreign exchange risk only, a non-derivative designated financial asset or liability. The latter’s fair value or cash flows are intended to offset variations in the fair value or cash flows of the designated hedged item.

Policies adopted by Attijariwafa bankAttijariwafa bank does not currently use derivatives for hedging purposes and is not therefore subject to provisions applicable to hedge accounting.

All other transactions involving the use of derivatives are recognised as assets/liabilities at fair value through income.

Embedded derivatives

Standard:An embedded derivative is a feature within a financial contract whose purpose its to vary a part of the transaction’s cash flows in a similar way to that of a stand-alone derivative.

The IAS 39 standard defines a hybrid contract as a contract comprising a host contract and an embedded derivative.

IAS 39 requires that an embedded derivative is separated from its host contract and accounted for as a derivative when the following three conditions are met:

• The hybrid contract is not recognised at fair value;

• Separated from the host contract, the embedded derivative possesses the same characteristics as a derivative;

• The characteristics of the embedded derivative are not closely related to those of the host contract.

IAS 39 recommends that the host contract is valued at inception by taking the difference between the fair value of the hybrid contract (i.e. at cost) and the fair value of the embedded derivative.

Policies adopted by Attijariwafa bankIf there is a material impact from measuring embedded derivatives at fair value, then they are recognised under «Financial assets held at fair value through income ».

Fair value:IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in a principal market (or the most advantageous market) at the measurement date based on current market conditions (i.e. an exit price) providing that this price was directly observable or estimated by using an appropriate valuation technique.

IFRS 13 uses a 'fair value hierarchy' which categorises the inputs used in valuation techniques into three levels in order to determine fair value. The hierarchy gives the highest priority to (unadjusted) quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).

Level 1 inputsLevel 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A quoted market price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available, with limited exceptions (§ 79).


Level 2 inputsLevel 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

If the asset or liability has a specified maturity (contractual), a Level 2 input must be observable for almost the entire life of the asset or liability. Level 2 inputs include:• Quoted prices for similar assets or liabilities in active markets;• Quoted prices for identical or similar assets or liabilities in

markets that are not active;• Inputs other than quoted prices that are observable for the

asset or liability, for example, interest rates and yield curves observable at commonly quoted intervals, implied volatilities, credit spreads.

Adjustments to Level 2 inputs will vary depending on factors specific to the asset or liability. Those factors include the following: the state or location of the asset, the extent to which inputs relate to items that are comparable to the asset or liability, as well as the volume and the level of activity in the markets within which the inputs are observed.

An adjustment to a Level 2 input that is significant to the entire measurement might result in a fair value measurement categorised within Level 3 of the fair value hierarchy if the adjustment uses significant unobservable inputs.

Level 3 inputsLevel 3 inputs inputs are unobservable inputs for the asset or liability. Unobservable inputs must be used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs shall reflect the assumptions that market participants would use when pricing the asset or liability, including assumptions about risk.

Market value is determined by the Group:• Either from quoted market prices in an active market;• Or by using a valuation technique based on mathematical

models derived from recognised financial theories, which makes maximum use of market inputs.

➥ case 1: instruments traded on active marketsQuoted market prices on active markets are the best evidence of fair value and should be used, where they exist, to measure the financial instrument. Listed securities and derivatives such as futures and options, which are traded on organised markets, are valued in this way. The majority of over-the-counter derivatives, such as plain vanilla swaps and options, are traded on active markets. They are valued using widely-accepted models (discounted cash flow model, Black and Scholes model and interpolation techniques) and based on quoted market prices of similar or underlying instruments.

➥ case 2: instruments traded on inactive marketsInstruments traded on an inactive market are valued using an internal model based on directly observable or deduced market data.

Certain financial instruments, although not traded on active markets, are valued using methods based on directly observable market data.

Observable market data may include yield curves, implied volatility ranges for options, default rates and loss assumptions obtained by market consensus or from active over-the-counter markets.

InsuranceStandard:insurance contracts:The main provisions for insurance contracts are summarised below:• May continue to recognise these contracts in accordance with

current accounting policies by making a distinction between three types of contract under IFRS 4:

1. Pure insurance contracts;

2. Financial contracts comprising a discretionary participation feature;

3. And liabilities relating to other financial contracts, in accordance with IAS 39, which are recorded under «Amounts owing to customers ».

• Requires that embedded derivatives, which do not benefit from exempt status under IFRS 4, are accounted for separately and recognised at fair value through income;

• Requires a test for the adequacy of recognised insurance liabilities and an impairment test for reinsurance assets;

• A reinsurance cession asset is amortised, by recognising this impairment through income, when and only when:

- Tangible evidence exists, following the occurrence of an event after initial recognition of the asset in respect of reinsurance cessions, resulting in the cedant not receiving all its contractual cash flows;

- This event has an impact, which may be accurately assessed, on the amount which the reinsurer is expected to receive from the primary insurer.

• Requires an insurer to keep insurance liabilities on its balance sheet until they are discharged, cancelled, or expire and prohibits offsetting insurance liabilities against related reinsurance assets;

• Requires that a new insurance liability is recorded in accordance with IFRS 4 «Shadow accounting » in respect of policyholders’ deferred participation in profits which represents the portion of unrealised capital gains on financial assets to which policyholders are entitled, in accordance with IAS 39.

Policies adopted by Attijariwafa bank:insurance contracts:A liability adequacy test has already been carried out by Wafa Assurance, which appointed an external firm of actuaries to assess its technical reserves.

The provision for fluctuations in claims relating to non-life insurance contracts is to be cancelled.

investment-linked insurance:The instruments held in portfolios are currently classified in the following categories:

hFt AFS htM loans & receivables• Portfolio of

consolidated UCITS

• Shares and other equity

• Investments in SCIs (Panorama) ;

• Treasury bills and unquoted debt instruments.

• Not applicable

• Long-term investments

Liabilities provisions:

Standard:A provision must be booked when :

• the company has a present obligation (legal or implicit) resulting from a past event.

• it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation ; and

• the amount of the obligation can be reliably estimated.

If these conditions are not satisfied, no provision may be recognised.

Under IFRS, when the outflow of expected future economic benefits exceeds one year, it is compulsory to discount the provisions for risks and charges.

Except in the case of combinations, contingent liabilities are not provisioned. When the contingent liability or asset is material, it is compulsory to mention it in the notes to the financial statements.

Policies adopted by Attijariwafa bank: The Group has analysed all its general provisions and:

• How they are matched to inherent risks;

• Has reviewed how they are measured and booked under IFRS.

Current & deferred taxation:

Standard:

A deferred tax asset or liability is recognised each time that the recovery or payment of an asset or liability’s carrying amount will result in an increase or reduction in future tax payments compared to what they would have been previously.

A company will most likely be able to offset a deductible temporary difference against taxable income:

• If it has sufficient taxable temporary differences within the remit of the same tax authority and in relation to the same entity;

• If the company is likely to generate sufficient profit within the remit of the same tax authority and in relation to the same entity;

• Tax management allows it the opportunity to generate taxable income in the related periods.

Deferred taxes may not be amortised under IFRS.

Policies adopted by Attijariwafa bank:

Assessing the probability of generating future taxable income:

Deferred tax assets are not recognised unless it is probable that future taxable income will be generated. This probability can be ascertained by the business projections of the companies in question.

Accounting for deferred tax liabilities in respect of temporary differences relating to intangible assets resulting from business combinations:

A deferred tax liability is recognised for goodwill relating to intangible assets resulting from business combinations even if these intangible assets have an indefinite life.

Accounting for deferred tax assets in respect of deductible temporary differences relating to consolidated investments in affiliates:

A deferred tax asset must be recognised in respect of deductible temporary differences relating to consolidated investments in affiliates when these temporary differences are likely to be resolved in the foreseeable future and when it is probable that taxable profit will be generated.

possibility of revising goodwill if a deferred tax asset is identified after the regularisation period allowed under iFRS:

A deferred tax asset, which is not identifiable at the time of acquisition but recognised subsequently, is recognised through consolidated income and Goodwill is restated retrospectively even after the regularisation period expires. The impact of this revision is also recognised through consolidated income.

deferred taxes recognised initially in equity:

The impact of changes to tax rates and/or tax rules is recognised in equity.

Employee benefits

Standard:

The objective of this Standard is to prescribe the accounting treatment and disclosure for employee benefits. This Standard shall be applied by an employer in accounting for all employee benefits, except those to which IFRS 2 “Share-based Payment” applies. These benefits include those provided:- Under formal plans or other formal agreements between an

entity and individual employees, groups of employees or their representatives;

- Under legislative requirements, or through industry arrangements, whereby entities are required to contribute to national, state, industry or other multi-employer plans; or

- By those informal practices that give rise to a constructive obligation and those where the entity has no realistic alternative but to pay employee benefits.

Employee benefits are contingent considerations of any type provided by an entity for services rendered by members of staff or in the event that their employment is terminated. They comprise 4 categories:

Short-term benefits: Are employee benefits (other than termination benefits), that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related services e.g. wages, salaries and social security contributions; paid annual leave and paid sick leave; profit-sharing and bonuses etc.

When an employee has rendered service to an entity during an accounting period, the entity shall recognise the undiscounted amount of short-term employee benefits expected to be paid in exchange for that service:• As a liability, after deducting any amount already paid, if

applicable; or• As an expense.

Post-employment benefits: These are employee benefits which are payable post-employment e.g. retirement benefits, post-employment life insurance and post-employment medical care.

Distinction is made between two types of post-retirement benefit plan:

1. Defined contribution plans: an entity pays defined contributions into a fund and has no other legal or constructive obligation to pay additional contributions if the fund does not have sufficient assets to meet expected benefits relating to services rendered by staff. As a result, actuarial risk and investment risk fall on the employee.

Accounting for defined contribution plans is straightforward because no actuarial assumptions are required to measure the obligation or the expense and there is no possibility of any actuarial gain or loss.

The entity shall recognise the contribution payable to a defined contribution plan in exchange for the service rendered by an employee: - As a liability, after deducting any amount already paid, if

applicable; or- As an expense.


2. Defined benefit plans: the entity’s obligation is to provide the agreed benefits to current and former employees As a result, actuarial risk and investment risk fall on the employee.

Accounting for defined benefit plans is quite complex due to the fact that actuarial assumptions are required to measure the obligation and there is a possibility of an actuarial gain or loss. In addition, the obligations are discounted to their present value as they may be paid several years after the employee has rendered the corresponding service.

A multi-employer plan which is neither a general plan nor a compulsory plan must be recognised by the company as either a defined contribution plan or a defined benefit plan depending on the characteristics of the plan.

Other long-term employee benefits:

Other long-term employee benefits include long-term paid absences, such as long-service or sabbatical leave. They also include jubilee or other long-service benefits such wissam schoghl, long-term disability benefits, profit-sharing, bonuses and deferred remuneration if not expected to be settled wholly before twelve months after the end of the annual reporting period.

In general, the measurement of other long-term employee benefits is usually not subject to the same degree of uncertainty as the measurement of defined benefit plans. Therefore, this standard provides a simplified method which does not recognise re-measurements in other comprehensive income.

Termination benefits:

Termination benefits are employee benefits payable as a result of either an entity’s decision to terminate an employee’s employment before the normal retirement date or an employee’s decision to accept voluntary redundancy in exchange for those benefits.

The entity should recognise a liability and expense for termination benefits at the earlier of the following two dates:- The date after which it may no longer withdraw its benefits;- The date at which it recognises the costs of restructuring as

required by IAS 37 and envisages the payment of related benefits.

In the case of termination benefits payable following an entity’s decision to terminate the employment of an employee, the entity may no longer withdraw its offer of benefits once it has informed the employees in question of the termination plan, which should satisfy the following criteria:- The measures required to successfully execute the plan would

suggest that is it unlikely that major changes would be made to the plan;

- The plan identifies the number of employees to be terminated, the job classifications or functions that will be affected and their locations and when the terminations are expected to occur;

- The plan establishes the terms of the termination benefits in sufficient detail to enable employees to determine the type and amount of benefits they will receive if they are involuntarily terminated.

Measuring obligations:

Method:Accounting for defined benefit plans requires the use of actuarial techniques to reliably estimate the benefits accruing to employees in consideration for current and past service rendered.

This requires estimating the benefits, demographic variables such as mortality rates and staff turnover, financial variables such as the discount rate and future salary increases that will affect the cost of benefits.

The recommended method under IAS 19 is the “projected unit credit method”.

This amounts to recognising, on the date that the obligation is calculated, an obligation equal to the probable present value of the estimated benefits multiplied by the length of service at the calculation date and at the retirement date.

The obligation can be considered as accruing pro-rata to the employee’s length of service. As a result, an employee’s entitlement is calculated on the basis of length of service and estimated salary at the retirement date.

Policies adopted by Attijariwafa bank:Attijariwafa bank has opted for a defined contribution retirement benefits plan. Accordingly, no specific accounting treatment is required under IFRS.

In the case of post-employment medical cover, Attijariwafa bank does not have sufficient information to be able to account for its medical cover as a defined benefit plan.

The Group, on the other hand, has booked specific provisions for liabilities to employees including end-of-career bonuses and service awards (Ouissam Achoughl).

Share-based paymentsShare-based payments are payments based on shares issued by the Group. The payments are made either in the form of shares or in cash for amounts based on the value of the Group’s shares.

Examples of share-based payments include stock options or employee share plans.

Under the subscription terms, employees may subscribe for shares at a discount to the current market price over a specified period. The inaccessibility period is taken into consideration when expensing this benefit.

15

consolidated income statement under iFRS at 30 June 2015 (thousand MAD)

notes 06/30/2015 06/30/2014interest and similar income 3.1 8 677 038 8 734 457 interest and similar expenses 3.1 2 925 769 3 355 681 net inteReSt MARgin 5 751 269 5 378 777 Fees received 3.2 2 189 692 2 088 087 Fees paid 3.2 247 517 200 745 net Fee incoMe 1 942 175 1 887 343 Net gains or losses on financial instruments at fair value through income 1 629 056 2 032 911 Net gains or losses on available-for-sale financial assets 211 914 226 187 incoMe FRoM MARKet ActiVitieS 1 840 969 2 259 097 income from other activities 2 966 204 2 817 313 Expenses on other activities 2 746 940 2 590 687 net BAnKing incoMe 9 753 677 9 751 843 general operating expenses 3 922 368 3 714 102 Depreciation, amortisation and provisions 418 973 405 089 gRoSS opeRAting incoMe 5 412 335 5 632 652 Cost of risk 3.3 -1 162 502 -1 567 791 opeRAting incoMe 4 249 833 4 064 861 Net income from companies accounted for under the equity method 6 262 11 104 Net gains or losses on other assets 15 178 14 312 Changes in value of goodwill - - pRe-tAX incoMe 4 271 273 4 090 276 income tax 1 511 709 1 418 812 net incoMe 2 759 564 2 671 465 Minority interests 447 693 410 416 net incoMe gRoUp ShARe 2 311 871 2 261 048 Earnings per share (in dirhams) 11,36 11,11 Dividend per share (in dirhams) 11,36 11,11

liABilitieS (under iFRS) notes 06/30/2015 12/31/2014

Amounts owing to central banks. the treasury and post office accounts 197 855 135 266

Financial liabilities at fair value through income

2.7 1 386 060 1 965 441

Derivative hedging instruments - - Amounts owing to credit institutions and similar establishments

2.8 35 314 259 41 236 002

Customer deposits 2.9 266 610 527 257 881 178 Debt securities issued 12 286 352 14 253 845

interest rate hedging reserve - -

Current tax liabilities 192 925 1 222 376 Deferred tax liabilities 2 102 596 1 700 513 Other liabilities 10 206 521 8 961 596 liabilities related to non-current assets held for sale - -

insurance companies' technical reserves 23 067 016 22 212 075 general provisions 2.10 1 527 078 1 745 890 Subsidies. public funds and special guarantee funds 164 228 147 819

Subordinated debt 9 990 295 9 979 663 Share capital and related reserves 10 151 765 10 151 765 Consolidated reserves 26 795 944 24 258 638 - group share 22 515 853 20 163 454 - Minority interests 4 280 091 4 095 184 unrealised deferred capital gains or losses, group share 899 036 851 090

Net income for the financial year 2 759 564 5 140 484 - group share 2 311 871 4 355 244 - Minority interests 447 693 785 240

totAl liABilitieS 403 652 020 401 843 640

ASSetS (under iFRS) notes 06/30/2015 12/31/2014

Cash and balances with central banks. the treasury and post office accounts 10 080 022 8 842 320

Financial assets at fair value through income 2.1 54 793 415 52 389 822

Derivative hedging instruments - -

Available-for-sale financial assets 2.2 32 516 922 30 805 290

loans and advances to credit institutions and similar establishments 2.3 17 931 460 19 305 251

loans and advances to customers 2.4 254 415 596 255 056 498

interest rate hedging reserve - -

held-to-maturity investments 7 845 920 10 928 820

Current tax assets 385 288 137 676

Deferred tax assets 603 005 448 327

Other assets 8 686 918 7 491 499

Participations of insured parties in differed profits

2.2 977 738 920 708

Non-current assets held for sale 100 366 97 089

investments in companies accounted for under the equity method 105 202 116 861

investment property 1 809 121 1 830 545

Property. plant and equipment 2.5 5 013 423 5 056 788

intangible assets 2.5 1 708 381 1 731 443

goodwill 2.6 6 679 244 6 684 704

totAl ASSetS 403 652 020 401 843 640

Consolidated financial statements at 30 June 2015FINANCIAL STATEMENTS

consolidated iFRS Balance Sheet at 30 June 2015 (thousand MAD)


Statement of net income and gains and losses directly recorded in shareholders equity at 30 June 2015 (thousand MAD)

06/30/2015 12/31/2014 net income 2 759 564 5 140 484 Asset and liability variations directly recorded in shareholders equity 109 390 819 687

translation gains or losses 49 804 -169 624 Variation in value of financial assets available for sale 77 508 1 005 119 revaluation of fixed assets - - Variations in differed value of derivative coverage instruments - - items regarding enterprises by equity method -17 921 -15 809

total 2 868 954 5 960 171 group share 2 369 091 5 059 598 Minority interest share 499 864 900 573

table of shareholders equity variation at 30 June 2015 (thousand MAD)

consolidated cash flow statement at 30 June 2015 (thousand MAD)

Share capital

(1)

Reserves (related to share capital)

(2)

treasury stock

(3)

Reserves and

consolidated income

(4)

total assets and liabilities

entered directly in

capital(5)

Share-holders'

equity group share

(6)

Minority interests

(7)

total

(8) Shareholders' equity at 31 december 2013 2 035 272 8 116 493 -2 050 326 25 334 159 -210 437 33 225 161 4 710 022 37 935 183 Effect of changes to accounting policiesShareholders' equity restated at 31 december 2013 2 035 272 8 116 493 -2 050 326 25 334 159 -210 437 33 225 161 4 710 022 37 935 183 transactions related to share capital - 636 037 636 037 141 018 777 055 Share-based payments - - transactions related to treasury stock - - Dividends -1 897 399 -1 897 399 -572 997 -2 470 396 net income 4 355 244 4 355 244 785 240 5 140 484 Variations in assets and liabilities recorded directly in shareholders’ equity (A) 818 308 818 308 171 002 989 310

translation gains and losses (B) -113 954 -113 954 -55 670 -169 624 total assets and liabilities entered directly in capital (A)+(B) - - - - 704 354 704 354 115 332 819 687 other variations -1 501 845 -1 501 845 -298 190 -1 800 035 perimeter variation - - Shareholders' equity at 31 december 2014 2 035 272 8 116 493 -2 050 326 26 926 196 493 918 35 521 553 4 880 425 40 401 978 Effect of changes to accounting policiesShareholders' equity restated at 31 december 2014 2 035 272 8 116 493 -2 050 326 26 926 196 493 918 35 521 553 4 880 425 40 401 978 transactions related to share capital - 252 507 252 507 65 959 318 466 Share-based payments - - transactions related to treasury stock - - Dividends -1 989 773 -1 989 773 -664 930 -2 654 703 net income for the period 2 311 871 2 311 871 447 693 2 759 564 total assets and liabilities entered directly in capital C) 30 025 30 025 29 562 59 587 Variations in assets and liabilities recorded directly in shareholders’ equity (D) 27 195 27 195 22 609 49 804

latent or differed gains or losses (c)+(d) - - - - 57 220 57 220 52 170 109 390 other variations -274 853 -274 853 -53 533 -328 386 Changes in scope of consolidation - - Shareholders' equity at 30 June 2015 2 035 272 8 116 493 -2 050 326 27 225 948 551 138 35 878 525 4 727 784 40 606 309

06/30/2015 12/31/2014 06/30/2014pre-tax income 4 271 273 7 973 448 4 090 276+/- Net depreciation and amortisation of property, plant and equipment and intangible assets 452 217 827 242 464 818 +/- Net impairment of goodwill and other fixed assets - - - +/- Net amortisation of financial assets 60 881 7 523 34 954 +/- Net provisions 1 207 237 3 200 590 1 639 547 +/- Net income from companies accounted for under the equity method -6 262 -20 004 -11 104 +/- Net gain/loss from investment activities -251 388 -435 167 -265 204 +/- Net gain/loss from financing activities - - - +/- Other movements -692 029 -229 630 -1 506 371 total non-cash items included in pre-tax income and other adjustments 770 657 3 350 553 356 640+/- Flows relating to transactions with credit institutions and similar establishments -6 898 595 -20 546 486 -7 404 690 +/- Flows relating to transactions with customers 8 807 426 13 996 509 8 478 396 +/- Flows relating to other transactions affecting financial assets or liabilities -2 332 632 -13 488 029 -15 139 862 +/- Flows relating to other transactions affecting non-financial assets or liabilities - - - - taxes paid -2 828 019 -2 353 709 -1 578 657 net increase/decrease in operating assets and liabilities -3 251 821 -22 391 714 -15 644 813 net cash flow from operating activities 1 790 110 -11 067 713 -11 197 897 +/- Flows relating to financial assets and investments 1 962 040 -794 083 165 602 +/- Flows relating to investment property -119 039 -585 462 -151 688 +/- Flows relating to plant, property and equipment and intangible assets -339 506 -808 347 -457 387 net cash flow from investment activities 1 503 496 -2 187 893 -443 473 +/- Cash flows from or to shareholders -2 654 703 -2 470 396 -2 352 933 +/- Other net cash flows from financing activities -1 941 289 1 448 946 -91 932 net cash flow from financing activities -4 595 991 -1 021 450 -2 444 865 effect of changes in foreign exchange rates on cash and cash equivalents 7 125 -126 986 -44 133 net increase (decrease) in cash and cash equivalents -1 295 260 -14 404 042 -14 130 367

06/30/2015 12/31/2014 06/30/2014cash and cash equivalents at the beginning of the period -676 681 13 727 361 13 727 361Net cash balance (assets and liabilities) with central banks, the treasury and post office accounts 8 707 054 12 651 672 12 651 672 inter-bank balances with credit institutions and similar establishments -9 383 735 1 075 689 1 075 689 cash and cash equivalents at the end of the period -1 971 941 -676 681 -403 006Net cash balance (assets and liabilities) with central banks, the treasury and post office accounts 9 882 166 8 707 054 10 103 270 inter-bank balances with credit institutions and similar establishments -11 854 108 -9 383 735 -10 506 276 net change in cash and cash equivalents -1 295 260 -14 404 042 -14 130 367

Financial assetsheld for trading

Financial assetsat fair value through

incomeloans and advances to credit institutions and similar establishments

loans and advances to customers

Financial assets held as guarantee for unit-linked policies

Securities received under repo agreements -

treasury notes and similar securities 34 531 363

Bonds and other fixed income securities 1 965 676 -

• listed securities 808 206

• unlisted securities 1 157 470

Shares and other equity securities 17 683 999 -

• listed securities 17 683 999 -

• unlisted securities

derivative instruments 487 973

Related loans 124 404

Fair value on the balance sheet 54 793 415 -

2.1 Financial assets at fair value through income at 30 June 2015 (thousand MAD)

2.3 loans and advances to credit institutions and similar establishments

06/30/2015 12/31/2014

credit institutions

Accounts and loans 17 091 600 18 614 985

Securities received under repo agreements 495 283 454 660

Subordinated loans 12 056 27 941

Other loans and advances 216 957 117 952

tota principal 17 815 896 19 215 538

related loans 140 651 114 619

Provisions 25 086 24 906

net value 17 931 460 19 305 251

internal operations

regular accounts 7 317 168 6 681 733

Accounts and long-term advances 23 135 656 22 803 303


2.3.1 loans and advances to credit institutions at 30 June 2015 (thousand MAD)

06/30/2015 12/31/2014

Morocco 12 219 696 11 338 863

tunisia 481 228 1 139 524

Sub-Saharan Africa 2 948 239 3 690 973

Europe 1 786 219 2 003 917

Others 380 514 1 042 261

total principal 17 815 896 19 215 538


Provisions 25 086 24 906

net value on the balance sheet 17 931 460 19 305 251

2.3.2 Breakdown of loans and advances to credit institutions by geographical area at 30 June 2015 (thousand MAD)

06/30/2015 12/31/2014

Securities valued at fair value

• treasury notes and similar securities 9 568 947 10 015 196

• Bonds and other fixed income securities 13 398 991 12 865 333

• listed securities 7 458 377 7 809 390

• unlisted securities 5 940 614 5 055 943

• Shares and other equity securities 3 718 328 3 745 608

• listed securities 1 607 193 2 577 710

• unlisted securities 2 111 135 1 167 898

• Securities in non-consolidated affiliates 6 808 394 5 099 860

total available-for-sale securities 33 494 660 31 725 998

2.2 Available-for-sale financial assets at 30 June 2015 (thousand MAD)

Available-for-sale financial assets held by Wafa Assurance totalled MAD 15 741 millions at the end of june 2015 vs. MAD 14 072 millions at the end of December 2014.


2.4.1 loans and advances to customers at 30 June 2015 (thousand MAD)

06/30/2015 12/31/2014

transactions with customers

Commercial loans 33 871 477 39 117 428

Other loans and advances to customers 185 777 754 185 413 812

Securities received under repo agreements 2 115 340 10 940

Current accounts in debit 28 702 116 25 658 003

total principal 250 466 687 250 200 183

related loans 1 527 653 1 622 255

Provisions 12 730 339 11 998 943

net value 239 264 001 239 823 495

leasing activities

Property leasing 3 099 302 3 105 996

leasing of movable property, long-term rental and similar activities 12 453 724 12 494 091

total principal 15 553 026 15 600 087

related loans 826 627

Provisions 402 257 367 711

net value 15 151 595 15 233 004

total 254 415 596 255 056 498

2.4 loans and advances to customers

06/30/2015 12/31/2014

country healthy outstandings

impaired outstandings

individual provisions

collective provisions

healthy outstandings

impaired outstandings

individual provisions

collective provisions

Morocco 194 564 501 13 500 333 7 683 616 1 452 677 199 591 295 12 646 517 7 392 304 1 234 413

tunisia 19 439 607 1 589 058 883 867 77 813 18 477 851 1 497 437 824 109 71 813

Sub-Saharan Africa 30 788 520 3 869 118 2 689 622 338 332 28 450 903 3 903 357 2 628 295 208 322

Europe 425 766 8 001 6 668 - 260 565 8 618 7 399

Others 1 834 809 - - - 963 728

total principal 247 053 203 18 966 510 11 263 774 1 868 822 247 744 342 18 055 928 10 852 107 1 514 547

related loans 1 528 479 1 622 882

net value on the balance sheet 248 581 682 18 966 510 11 263 774 1 868 822 249 367 224 18 055 928 10 852 107 1 514 547

2.4.2 loans and advances to customers by geographical area at 30 June 2015 (thousand MAD)

06/30/2015 12/31/2014

gross valueAccumulated amortisation

and impairmentnet value gross value

Accumulated amortisation

and impairmentnet value

land and buildings 3 119 582 1 134 057 1 985 526 3 066 399 1 087 183 1 979 216

Movable property and equipment 3 002 872 2 552 180 450 692 2 926 496 2 473 317 453 178

leased movable property 558 951 222 642 336 309 563 099 213 358 349 741

Other property, plant and equipment 5 046 297 2 805 401 2 240 896 4 955 731 2 681 079 2 274 652

total property, plant and equipment 11 727 702 6 714 280 5 013 423 11 511 725 6 454 938 5 056 788

it software acquired 2 598 873 1 597 415 1 001 459 2 496 107 1 475 473 1 020 634

Other intangible assets 1 234 715 527 793 706 922 1 230 821 520 013 710 808

total intangible assets 3 833 589 2 125 208 1 708 381 3 726 929 1 995 486 1 731 443

2.5 plant, property and equipment and intangible assets at 30 June 2015 (thousand MAD)

12/31/2014 perimeter variation translation gains and losses other movements 06/30/2015

gross value 6 684 704 - -5 461 6 679 244

Accumulated amortisation and impairment

net value on the balance sheet 6 684 704 - -5 461 - 6 679 244

2.6 goodwill at 30 June 2015 (thousand MAD)

Stock at 12/31/2014

change in scope

Additional provisions

Write-backs used

Write-backs not used

otherchanges

Stock at 06/30/2015

Provisions for risks in executing signature loans 213 698 2 241 57 921 107 158 125

Provisions for social benefit liabilities 431 436 44 705 33 625 249 442 765

Other general provisions 1 100 756 105 578 14 720 235 785 -29 640 926 188

general provisions 1 745 890 - 152 524 48 345 293 707 -29 284 1 527 078

2.10 general provisions at 30 June 2015 (thousand MAD)

06/30/2015 12/31/2014

Ordinary creditor accounts 185 316 002 180 916 243

Savings accounts 63 616 121 58 901 274

Other amounts owing to customers 13 198 798 12 952 321

Securities pledged under repo agreements 3 258 083 4 081 453

total principal 265 389 004 256 851 291

related debt 1 221 523 1 029 887

Value on the balance sheet 266 610 527 257 881 178

2.9.1 Amounts owing to customers at 30 June 2015 (thousand MAD)

2.9 Amounts owing to customers

06/30/2015 12/31/2014

Morocco 196 324 523 191 839 544

tunisia 23 696 717 21 813 888

Sub-Saharan Africa 41 575 798 38 365 103

Europe 3 309 065 4 172 840

Other 482 901 659 916

total principal 265 389 004 256 851 291

related debt 1 221 523 1 029 887


2.9.2 Breakdown of amounts owing to customers by geographical area at 30 June 2015 (thousand MAD)

06/30/2015 12/31/2014

credit institutions

Accounts and borrowings 20 551 533 29 399 708

Securities pledged under repo agreements 14 622 672 11 583 992

total principal 35 174 205 40 983 699

related debt 140 053 252 302


internal group operations

Current accounts in credit 7 514 721 5 666 401

Accounts and long-term advances 23 437 838 23 267 418

related debt 138 196 141 862

2.8 Amounts owing to credit institutions at 30 June 2015 (thousand MAD)

06/30/2015 12/31/2014

Securities pledged under repo agreements 472 523 353 902

Derivative instruments 913 537 1 611 539

Fair value on the balance sheet 1 386 060 1 965 441

2.7 Financial liabilities at fair value through income at 30 June 2015 (thousand MAD)


4. Information per center of activitiesAttijariwafa bank’s information by business activity is presented as follows:• domestic banking, europe and offshore comprising Attijariwafa bank

SA, Attijariwafa bank Europe, Attijari international bank and holding companies incorporating the group’s investments in the group’s consolidated subsidiaries;

• Specialised Financial Subsidiaries comprising Moroccan subsidiaries undertaking consumer finance, mortgage loan, leasing, factoring and money transfer activities;

• international Retail Banking activities comprising Attijari bank tunisie and the banks located in Sub-Saharan Africa ;

• insurance and property comprising Wafa Assurance.

06/30/2015 06/30/2014

income expenses net income expenses nettransactions with customers 7 478 684 1 798 483 5 680 201 7 542 480 1 847 168 5 695 312Accounts and loans/borrowings 7 078 543 1 727 410 5 351 133 7 127 826 1 793 038 5 334 789repurchase agreements 1 030 71 073 -70 043 4 904 54 130 -49 227leasing activities 399 110 399 110 409 750 409 750inter-bank transactions 351 219 621 366 -270 146 374 101 973 962 -599 861Accounts and loans/borrowings 350 448 562 672 -212 225 364 990 797 301 -432 311repurchase agreements 772 58 693 -57 922 9 112 176 661 -167 549debt issued by the group - 505 921 -505 921 - 534 551 -534 551Available-for-sale assets 847 135 - 847 135 817 876 - 817 876

total net interest income 8 677 038 2 925 769 5 751 269 8 734 457 3 355 681 5 378 777

3.1 net interest margin at 30 June 2015 (thousand MAD)

06/30/2015 06/30/2014

Additional provisions -1 626 916 -1 926 043

Provisions for loan impairment -1 519 097 -1 782 611

Provisions for signature loans -2 241 -13 774

Other general provisions -105 578 -129 658

provision write-backs 995 813 534 248

Provision write-backs for loan impairment 687 387 397 996

Provisions write-backs for signature loans 57 921 337

Provision write-backs for other general provisions 250 505 135 915

change in provisions -531 399 -175 996

losses on non-provisioned irrecoverable loans and advances -50 852 -16 398

losses on provisioned irrecoverable loans and advances -501 668 -182 032

Amounts recovered on impaired loans and advances 35 841 58 687

Other losses -14 720 -36 253

cost of risk -1 162 502 -1 567 791

3.3 cost of risk at 30 June 2015 (thousand MAD)

income expenses net

net fees on transactions 938 656 38 919 899 737

with credit institutions 44 250 32 056 12 193

with customers 602 181 602 181

on securities 55 108 1 377 53 730

on foreign exchange 58 613 4 556 54 057

on forward financial instruments and other off-balance sheet transactions 178 504 929 177 575

Banking and financial services 1 251 036 208 598 1 042 438

Net income from mutual fund management (OPCVM) 157 861 9 724 148 136

Net income from payment services 674 112 164 136 509 976

insurance products 8 790 8 790

Other services 410 273 34 738 375 535

net fee income 2 189 692 247 517 1 942 175

3.2 net fee income at 30 June 2015 (thousand MAD)

incoMe StAteMentJUne 2015

domestic banking, europe and offshore

SpecialisedFinancial

Subsidiaries

insurance and property

international Retail Banking eliminations totAl

Net interest margin 3 502 401 515 361 244 444 1 564 804 -75 742 5 751 269Net fee income 886 970 421 047 -10 015 878 732 -234 559 1 942 175Net banking income 5 404 830 1 095 076 877 768 2 634 567 -258 564 9 753 676Operating expenses -2 145 318 -397 965 -290 257 -1 347 392 258 564 -3 922 368Operating income 2 318 433 542 257 505 614 883 529 - 4 249 833Net income 1 389 296 339 735 381 608 648 925 - 2 759 564Net income group share 1 377 931 260 064 302 571 371 304 - 2 311 871

BAlAnce Sheet JUne 2015 domestic banking, europe and offshore

SpecialisedFinancial

Subsidiaries

insurance and property

international Retail Banking totAl

Balance sheet 258 726 810 29 450 609 31 127 871 84 346 731 403 652 020 includingAssetsFinancial assets at fair value through income 46 274 570 246 471 6 854 369 1 418 004 54 793 415 Available-for-sale financial assets 7 189 464 53 040 15 740 948 10 511 208 33 494 660 loans and advances to credit institutions and similar establishments 13 297 385 57 127 78 619 4 498 329 17 931 460 loans and advances to customers 172 777 853 26 105 299 3 502 503 52 029 940 254 415 596 Property, plant and equipment 2 148 842 528 671 253 575 2 082 334 5 013 423 liabilitiesAmounts owing to credit institutions and similar establishments 30 120 262 856 180 94 817 4 243 000 35 314 259 Customer deposits 198 493 581 2 214 161 2 039 65 900 746 266 610 527 technical reserves for insurance contracts - 23 067 016 - 23 067 016 Subordinated debt 9 784 285 206 010 - 9 990 295 Shareholders' equity 29 283 508 2 531 280 4 158 028 4 633 492 40 606 309

(thousand MAD)

5.1 Financing commitmentsat 30 June 2015 (thousand MAD)

5. Financing commitments and guarantees

06/30/2015 12/31/2014

Financing commitments given 22 648 728 23 066 906

to credit institutions and similar establishments 580 415 331 729

to customers 22 068 314 22 735 178

Financing commitments received 6 098 573 6 366 475

From credit institutions and similar establishments 4 212 053 4 054 571

From the State and other organisations 1 886 520 2 311 904

5.2 guarantee commitmentsat 30 June 2015 (thousand MAD)

06/30/2014 12/31/2013

guarantees given 50 346 508 42 973 534

to credit institutions and similar establishments 10 434 471 6 487 541

to customers 39 912 037 36 485 993

guarantees received 30 805 380 34 869 802

From credit institutions and similar establishments 19 999 034 25 088 110

From the State and other organisations providing guarantees 10 806 346 9 781 692

6. Other complementary information :6.1 certificates of deposit and Finance company Bonds issued - the Certificates of Deposits outstanding amounted as of june 2015 to

MAD 6.8 billion.As of the first half of 2015, MAD 1 billion has been issued with a maturity comprised between 26 weeks and 1 year and rates between 2.75% and 2.88%.

- the Finance Company Bonds outstanding amounted as of june 2015 to MAD 5.1 billion.

As of the first half of 2015, MAD 0.9 billion has been issued with a maturity comprised between 2 years and 5 years and rates between 3.09% and 4%.

6.2 capital and income per share6.2.1 number of shares and per values :As of june 2015, Attijariwafa bank’s capital amouted to MAD 2,035,272,260 and made of 203,527,226 shares at a nominal value of MAD 10.

6.2.2 Attijariwafa bank shares held by the group :As of june 2015, Attijariwafa bank group hold 13,514,934 shares representing a global amount of MAD 2,050 million deducted from the consolidated shareholders equity.

6.2.3 per share income :the bank has not dilutive instruments in ordinary shares. therefore, the diluted income per share is equal to the basic income per share.

(in MAD)

30 June 2015

31 december 2014

30 June 2014

Earnings per share 11.36 21.40 11.11Diluted earnings per share

11.36 21.40 11.11


name Sector of activity (A) (B) (c) (d) country Method % control % interest

AttijAriWAFA BANK Bank Morocco top

AttijAriWAFA EurOPE Bank France ig 99,78% 99,78%

AttijAri iNtErNAtiONAl BANK Bank Morocco ig 100,00% 100,00%

COMPAgNiE BANCAirE DE l'AFriquE DE l'OuESt Bank Senegal ig 83,07% 51,93%

AttijAriBANK tuNiSiE Bank tunisia ig 58,98% 58,98%

lA Bank iNtErNAtiONAlE POur lE MAli Bank Mali ig 51,00% 51,00%

CrEDit Du SENEgAl Bank Senegal ig 95,00% 95,00%

uNiON gABONAiSE DE Bank Bank gabon ig 58,71% 58,71%

CrEDit Du CONgO Bank Congo ig 91,00% 91,00%

SOCiEtE iVOiriENNE DE Bank Bank ivory Coast ig 51,00% 51,00%

SOCiEtE COMMErCiAlE DE Bank CAMErOuN Bank Cameroon ig 51,00% 51,00%

AttijAriBANK MAuritANiE Bank Mauritania ig 80,00% 53,60%

Bank iNtErNAtiONAlE POur l'AFriquE Au tOgO Bank (1) togo ig 55,00% 55,00%

WAFA SAlAF Consumer credit Morocco ig 50,91% 50,91%

WAFA BAil leasing Morocco ig 97,83% 97,83%

WAFA iMMOBiliEr real estate loans Morocco ig 100,00% 100,00%

AttijAri iMMOBiliEr real estate loans Morocco ig 100,00% 100,00%

AttijAri FACtOriNg Morocco Factoring Morocco ig 75,00% 75,00%

WAFA CASh Cash activities Morocco ig 99,98% 99,98%

WAFA llD long-term rentals Morocco ig 100,00% 100,00%

AttijAri FiNANCES COrP. investment bank Morocco ig 100,00% 100,00%

WAFA gEStiON Asset management Morocco ig 66,00% 66,00%

AttijAri iNtErMEDiAtiON SM intermediation Morocco ig 100,00% 100,00%

FCP SECuritE Dedicated mutual funds Morocco ig 79,29% 79,29%

FCP OPtiMiSAtiON Dedicated mutual funds Morocco ig 79,29% 79,29%

FCP StrAtEgiE Dedicated mutual funds Morocco ig 79,29% 79,29%

FCP EXPANSiON Dedicated mutual funds Morocco ig 79,29% 79,29%

FCP FruCti VAlEurS Dedicated mutual funds Morocco ig 79,29% 79,29%

WAFA ASSurANCE insurance Morocco ig 79,29% 79,29%

BCM COrPOrAtiON holding Company Morocco ig 100,00% 100,00%

WAFA COrP holding Company Morocco ig 100,00% 100,00%

OgM holding Company Morocco ig 100,00% 100,00%

ANDAluCArthAgE holding Company Morocco ig 100,00% 100,00%

KASOVi holding Company British Virgin islands ig 50,00% 50,00%

SAF holding Company France ig 99,82% 49,98%

FilAF holding Company Senegal ig 100,00% 50,00%

CAFiN holding Company Senegal ig 100,00% 100,00%

AttijAri AFriquE PArtiCiPAtiONS holding Company France ig 100,00% 100,00%

AttijAri MoroccoO-MAuritANiE holding Company France ig 67,00% 67,00%

MOuSSAFir hospitality industry Morocco MEE 33,34% 33,34%

AttijAri SiCAr risk capital tunisia ig 67,23% 39,65%

PANOrAMA real estate company Morocco ig 79,29% 79,29%

SOCiEtE iMMOBiliErE tOgO lOME real estate company (2) togo ig 100,00% 100,00%

1 - Acquisition 7 - Change in method - Proportional integration to global integration2 - Creation, crossing threshold 8 - Change in method - Global integration to equity method3 - Entry into IFRS perimeter 9 - Change in method - Equity method to global integration4 - Disposal 10 - Change in method - Global integration to propotional integration5 - Deconsolidation 11 - Change in method - Equity method to proportional integration6 - Merger between consolidated entities 12 - Reconsolidation

6.3 Scope of consolidation

(A) Movements occurring in second half of 2013(B) Movements occurring in first half of 2014(C) Movements occurring in second half of 2014(D) Movements occurring in first half of 2015

1. PresentationAttijariwafa bank is a Moroccan company governed by common law. The financial statements comprise the accounts of head office as well as branches in Morocco and overseas, including the branch offices in Brussels. Material intra-group transactions and balances between Moroccan entities and overseas branches have been eliminated.

2. General principlesThe financial statements are prepared in accordance with generally accepted accounting principles applicable to credit institutions.

The presentation of Attijariwafa bank’s financial statements complies with the Credit Institution Accounting Plan.

3. Loans and signature loansGeneral presentation of loans• Loans and advances to credit institutions and customers are

classified according to their initial maturity and type:- Sight and term loans in the case of credit institutions;- Short-term loans, equipment loans, consumer loans, mortgage

loans and other loans for customers.• Signature loans accounted for off-balance sheet relate to

transactions which have not yet given rise to cash movements such as irrevocable commitments for the undrawn portion of facilities made available to credit institutions and customers or guarantees given;

• Repo transactions, involving shares or other securities, are recorded under the different loan categories (credit institutions or customers);

• Interest accrued on these loans is recorded under related loans and booked to the income statement.

non-performing loans on customers

• Non-performing loans on customers are recorded and valued in accordance with prevailing banking regulations.

The main measures applied are summarised as follows:- Non-performing loans are classified as sub-standard, doubtful

or impaired depending on the level of risk;

After deducting the guarantee portion as required by prevailing regulations, provisions for non-performing loans are made as follows:- 20% for sub-standard loans;- 50% for doubtful loans;- 100% for impaired loans.

Provisions made relating to credit risks are deducted from the asset classes in question.• As soon as loans are classified as non-performing, interest is

no longer accrued but is recognised as income when received;• Losses on irrecoverable loans are booked when the possibility

of recovering the non-performing loans is deemed to be zero;

• Provisions for non-performing loans are written-back on any positive development in respect of the non-performing loans in question, such as partial or full repayment or a restructuring of the debt with partial repayment.

• The bank has written off non-performing loans using provisions set aside for this purpose.

4. Amounts owing to credit institutions and

customersAmounts owing to credit institutions and customers are presented in the financial statements according to their initial maturity and type:- Sight and term borrowings in the case of credit institutions;- Current accounts in credit, savings accounts, terms deposits

and other customer accounts in credit in the case of customers.

Repo transactions, involving shares or other securities, are recorded under the different loan categories (credit institutions or customers), depending on the counterparty;

Interest accrued on these loans is recorded under related borrowings and booked to the income statement.

5. Securities portfolio

5.1 General presentationSecurities transactions are booked and valued in accordance with the Plan Comptable des Etablissements de Crédit.

Securities are classified as a function of their legal characteristics (debt security or equity security) and the purpose for which they are acquired (trading securities, available-for-sale securities, investment securities and investments in affiliates).

5.2 Trading securitiesTrading securities are securities which are highly liquid and are acquired with the intention of being resold in the very near future. These securities are recorded at cost (including coupon). At the end of each period, the difference between this value and their market value is recognised directly in the income statement.

5.3 Available-for-sale securitiesAvailable-for-sale securities are securities acquired with the intention of being held for at least 6 months, except for fixed income securities intended to be held until maturity. AFS securities comprise all securities that do not satisfy the criteria required to be classified in another category.

Debt securities are booked excluding accrued interest. The difference between their purchase price and redemption price is amortised over the security’s remaining life.

Equities are recorded at cost less acquisition expenses.

At the end of each period, a provision for impairment is made for any negative difference between a security’s market value and carrying amount. Unrealised gains are not booked.

Parent company financial statements at 30 June 2015FINANCIAL STATEMENTS

15


5.4. Investment securitiesInvestment securities are debt securities which are acquired, or which come from another category of securities, with the intention of being held until maturity for the purpose of generating regular income over a long period.

These securities are recorded at cost less acquisition expenses. The difference between their purchase price and redemption price is amortised over the security’s remaining life.

At the end of each period, these securities are recorded at cost, regardless of their market value. Unrealised profit or loss is therefore not recognised.

5.5. Investments in affiliates

This category comprises securities whose long-term ownership is deemed useful to the Bank.

At the end of each period, their value is estimated on the basis of generally accepted criteria such as useful value, share of net assets, future outlook for earnings and share price. Only unrealised losses give rise to provisions for impairment on a case-by-case basis.

5.6. Repos with physical delivery

This category comprises securities which are expected to be useful to the bank if held over the long term.

At the end of each period, their value is estimated on the basis of generally accepted criteria such as useful value, share of net assets, future outlook for earnings and share price. Only unrealised losses give rise to provisions for impairment on a case-by-case basis.

6. Foreign currency-denominated transactionsForeign currency-denominated loans, amounts owing and signature loans are translated into dirhams at the average exchange rate prevailing on the balance sheet date.

Any foreign exchange difference on contributions from overseas branches and on foreign currency-denominated borrowings for hedging exchange rate risk is recorded in the balance sheet under "Other assets” or “Other liabilities” as appropriate. Any translation difference arising on translation of long-term investment securities acquired in a foreign currency is recorded as a translation difference for each category of security in question.

Any foreign exchange difference on any other foreign currency account is posted to the income statement. Income and expenses in foreign currency are translated at the exchange rate prevailing on the day they are booked.

7. Translation of financial statements drawn up in foreign currencies

The “closing rate” method is used to translate foreign currency-denominated financial statements.

translation of balance sheet and off-balance sheet itemsAll assets, liabilities and off-balance sheet items of foreign entities (Brussels branch offices) are translated at the exchange rate prevailing on the balance sheet date.

Shareholders’ equity (excluding net income for the current period) is valued at different historical rates. Any difference arising on restatement (closing rate less historical rate) is recorded in shareholders’ equity under “Translation differences”.

translation of income statement itemsAll income statement items are translated at the average exchange rate over the year except for depreciation and amortisation expenses, which are translated at the closing rate.

8. General provisionsThese provisions are made, at the discretion of the management, to address future risks which cannot be currently identified or accurately measured relating to the banking activity.

Provisions made qualify for a tax write-back.

9. Intangible assets and property, plant and equipment

Intangible assets and property, plant and equipment are recorded in the balance sheet at cost less accumulated depreciation and amortisation, calculated using the straight line method over the estimated use life of the assets in question.

Intangible assets are categorised as operating or non-operating assets and are amortised over the following periods:

type Amortisation period- Lease rights not amortised

- Patents and brands N/A

- Research and development N/A

- IT software 6.67 years

- Other items of goodwill 5 years

Property, plant and equipment are categorised as operating or non-operating assets and are depreciated over the following periods:

type depreciation period- Land not depreciated

- Operating premises 25 years

- Office furniture 6.67 years

- IT hardware 6.67 years

- Vehicles 5 years

- Fixtures, fittings and equipment 6.67 years

10. Deferred expensesDeferred expenses are expenses which, given their size and nature, are likely to relate to more than one period.

Deferred expenses are amortised over the following periods:

type Amortisation period- Start-up costs 3 years

- Expenses incurred in acquiring

fixed assets 5 years

- Bond issuance expenses N/A

- Premiums paid on issuing

or redeeming debt securities N/A

- Other deferred expenses 3-5 years on a case by case basis

11. Recognition of interest and fees in the income statement

interest

Income and expenses calculated on principal amounts actually lent or borrowed are considered as interest.

Income and expenses calculated on a prorata temporis basis which remunerate a risk are considered as similar income or expenses. This category includes fees on guarantee and financing commitments (guarantees, documentary credits etc.).

Interest accrued on principal amounts actually lent or borrowed is booked under related loans or debt with an offsetting entry in the income statement entry.

Similar income or expenses are recorded under income or expenses when invoiced.

FeesIncome and expenses, calculated on a flat-rate basis for a service provided, are recorded under fees when invoiced.

12. Non-recurring items of income and expenditureThey consist exclusively of income and expenses arising on an exceptional basis and are, in principle, rare in that they are unusual in nature or occur infrequently.

15


ASSetS 06/30/2015 12/31/2014cash and balances with central banks, the treasury and post office accounts 4 181 337 4 005 381 loans and advances to credit institutions and similar establishments 32 544 844 33 640 290

- Sight 7 394 994 8 022 540 - term 25 149 850 25 617 750

loans and advances to customers 168 099 864 170 228 295 - Short-term loans and consumer loans 52 266 323 52 671 726 - Equipment loans 53 771 748 58 369 891 - Mortgage loans 55 249 660 54 542 287 - Other loans 6 812 133 4 644 391

Receivables acquired through factoring 425 666 1 058 799 trading securities and available-for-sale securities 58 104 772 49 367 508

- treasury bills and similar securities 41 514 920 32 842 678 - Other debt securities 1 442 721 1 384 140 - Fixed income Funds 15 147 131 15 140 690

other assets 4 265 497 2 425 647 investment securities 6 052 862 9 195 147

- treasury bills and similar securities 6 052 862 9 195 147 - Other debt securities - -

investments in affiliates and other long-term investments 12 450 649 12 529 449 Subordinated loans - - leased and rented assets 1 414 412 1 618 377 intangible assets 1 886 622 1 895 942 property, plant and equipment 2 819 097 2 853 555

totAl ASSetS 292 245 622 288 818 390

liABilitieS 06/30/2015 12/31/2014Amounts owing to central banks, the treasury and post office accounts - - Amounts owing to credit institutions and similar establishments 34 728 561 41 530 448

- Sight 10 551 187 6 455 549 - term 24 177 374 35 074 899

customer deposits 195 973 529 190 719 730 - Current accounts in credit 117 786 954 116 140 652 - Savings accounts 25 549 759 25 234 472 - term deposits 44 639 019 41 123 434 - Other accounts in credit 7 997 797 8 221 172

debt securities issued 6 556 309 9 292 042 - Negociable debt securities 6 556 309 9 292 042 - Bonds - - - Other debt securities issued - -

other liabilities 13 332 545 5 875 482 general provisions 2 668 628 2 634 425 Regulated provisions - - Subsidies, public funds and special guarantee funds - - Subordinated debt 9 784 285 9 778 262 Revaluation reserve 420 421 Reserves and premiums related to share capital 24 916 000 23 407 000 Share capital 2 035 272 2 035 272 Shareholders, unpaid share capital (-) - - Retained earnings (+/-) 1 063 1 194 net income to be allocated (+/-) - - net income for the financial year (+/-) 2 249 010 3 544 114

totAl liABilitieS 292 245 622 288 818 390

Balance sheet at 30 June 2015 (thousand MAD)

oFF-BAlAnce 06/30/2015 12/31/2014coMMitMentS giVen 58 682 926 54 539 865

Financing commitments given to credit institutions and similar establishments 532 532 Financing commitments given to customers 15 711 416 15 996 740 guarantees given to credit institutions and similar establishments 10 343 190 8 585 113 guarantees given to customers 31 690 887 29 957 480 Securities purchased with repurchase agreement - - Other securities to be delivered 936 901 -

coMMitMentS ReceiVed 17 266 303 17 278 171 Financing commitments received from credit institutions and similar establishments 654 689 658 170 guarantees received from credit institutions and similar establishments 16 515 689 16 543 596 guarantees received from the State and other organisations providing guarantees 95 925 76 405 Securities sold with repurchase agreement - - Other securities to be received - -

off-balance sheet items at 30 June 2015 (thousand MAD)

Parent company financial statements at 30 June 2015FINANCIAL STATEMENTS

i - ReSUltS AnAlYSiS 06/30/2015 06/30/2014

+ interest and similar income 5 511 253 5 604 707 - interest and similar expenses 2 020 795 2 397 221

net inteReSt MARgin 3 490 458 3 207 486 + income from lease-financed fixed assets 188 512 108 363 - Expenses on lease-financed fixed assets 182 988 61 602

net incoMe FRoM leASing ActiVitieS 5 524 46 761 + Fees received 635 017 585 615 - Fees paid

net Fee incoMe 635 017 585 615 + income from trading securities 632 939 1 831 120 + income from available-for-sale securities -1 467 16 666 + income from foreign exchange activities 298 455 162 781 + income from derivatives activities 292 687 -261 777

incoMe FRoM MARKet ActiVitieS 1 222 614 1 748 790 + Other banking income 1 257 995 1 259 107 - Other banking expenses 450 194 430 292

net BAnKing incoMe 6 161 413 6 417 467 + income from long-term investments -100 000 -47 000 + Other non-banking operating income 20 384 20 814 - Other non-banking operating expenses

- general operating expenses 2 018 374 1 889 550 gRoSS opeRAting incoMe 4 063 423 4 501 731

+ Net provisions for non-performing loans and signature loans -1 122 349 -838 228 + Other net provisions -4 004 -606 218

net opeRAting incoMe 2 937 070 3 057 284 non opeRAting incoMe -51 935 -45 338

- income tax 636 125 876 110 net incoMe FoR the FinAnciAl YeAR 2 249 010 2 135 836

Management accounting statement at 30 June 2015 (thousand MAD)

ii - totAl cASh FloW 06/30/2015 06/30/2014

+ net incoMe FoR the FinAnciAl YeAR 2 249 010 2 135 836 + Depreciation, amortisation and provisions for fixed asset impairment 200 687 193 395 + Provisions for impairment of long-term investments 100 000 47 000 + general provisions 125 000 550 000 + regulated provisions - - + Extraordinary provisions - - - reversals of provisions 137 000 - - Capital gains on disposal of fixed assets 2 067 7 599 + losses on disposal of fixed assets - - - Capital gains on disposal of long-term investments - -+ losses on disposal of long-term investments - - - Write-backs of investment subsidies received+ totAl cASh FloW 2 535 630 2 918 632 - Profits distributed - - + SelF-FinAncing 2 535 630 2 918 632

non-performing customer loans at 30 June 2015 (thousand MAD)

Sales at 30 June 2015 (thousand MAD)

Disbursedloans

Signatureloans

AmountProvisions for

disbursed loansProvisions for

signature loansAmount

06/30/2015 10 449 460 551 726 11 001 186 7 313 722 232 742 7 546 464

1st semester 2015 year 2014 year 2013

11 114 671 19 115 288 16 236 923


06/30/2015 06/30/2014opeRAting incoMe FRoM BAnKing ActiVitieS 11 114 671 9 828 100 interest and similar income from transactions with credit institutions 567 980 552 400 interest and similar income from transactions with customers 4 673 404 4 730 781 interest and similar income from debt securities 269 868 321 527 income from equity securities 1 257 995 1 259 107 income from lease-financed fixed assets 188 512 108 363 Fee income 635 017 585 615 Other banking income 3 521 895 2 270 307 opeRAting eXpenSeS on BAnKing ActiVitieS 4 953 258 3 410 633 interest and similar expenses on transactions with credit institutions 425 273 720 109 interest and similar expenses on transactions with customers 1 440 952 1 505 752 interest and similar expenses on debt securities issued 154 570 171 361 Expenses on lease-financed fixed assets 182 988 61 602 Other banking expenses 2 749 475 951 809 net BAnKing incoMe 6 161 413 6 417 467 Non-banking operating income 20 384 20 814 Non-banking operating expenses -

opeRAting eXpenSeS 2 018 374 1 889 549 Staff costs 918 923 857 792 taxes other than on income 57 236 56 577 External expenses 828 457 778 661 Other general operating expenses 13 071 3 124 Depreciation, amortisation and provisions 200 687 193 395 pRoViSionS And loSSeS on iRRecoVeRABle loAnS 1 921 215 1 833 225 Provisions for non-performing loans and signature loans 1 186 408 1 003 853 losses on irrecoverable loans 452 377 156 682 Other provisions 282 430 672 690 pRoViSion WRite-BAcKS And AMoUntS RecoVeRed on iMpAiRed loAnS 694 862 341 777 Provision write-backs for non-performing loans and signature loans 486 526 268 383 Amounts recovered on impaired loans 29 910 53 923 Other provision write-backs 178 426 19 471 incoMe FRoM oRdinARY ActiVitieS 2 937 070 3 057 284 Non-recurring income 2 777 1 828 Non-recurring expenses 54 712 47 166 pRe-tAX incoMe 2 885 135 3 011 946 income tax 636 125 876 110 net incoMe FoR the FinAnciAl YeAR 2 249 010 2 135 836

income statement at 30 June 2015 (thousand MAD)

06/30/2015 12/31/2014 1. (+) Operating income from banking activities 9 685 776 17 410 881 2. (+) Amounts recovered on impaired loans 29 910 76 787 3. (+) Non-banking operating income 21 094 60 889 4. (-) Operating expenses on banking activities (*) -5 767 983 -8 662 740 5. (-) Non-banking operating expenses -225 6. (-) general operating expenses -1 817 687 -3 512 977 7. (-) income tax -636 125 -1 824 140i. net cASh FloW FRoM incoMe StAteMent 1 514 985 3 548 475

Change in: 8. (±) loans and advances to credit institutions and similar establishments 1 095 446 -1 297 899

9. (±) loans and advances to customers 2 761 564 -1 828 04010. (±) trading securities and available-for-sale securities -8 737 264 2 248 81611. (±) Other assets -1 839 850 609 94512. (±) lease-financed fixed assets 203 965 -132 88713. (±) Amounts owing to credit institutions and similar establishments -6 801 887 -12 462 63514. (±) Customer deposits 5 253 799 16 585 07215. (±) Debt securities issued -2 735 733 1 547 59416. (±) Other liabilities 7 457 063 -11 463 625ii. net chAnge in opeRAting ASSetS And liABilitieS -3 342 897 -6 193 659

iii. net cASh FloW FRoM opeRAting ActiVitieS (i + ii) -1 827 912 -2 645 18417. (+) income from the disposal of long-term investments 2 990 416 1 030 05418. (+) income from the disposal of fixed assets 20 106 171 11519. (-) Acquisition of long-term investments -21 141 -193 98220. (-) Acquisition of fixed assets -165 316 -1 071 92321. (+) interest received 170 900 432 37422. (+) Dividends received 1 257 995 1 272 033iV. net cASh FloW FRoM inVeStMent ActiVitieS 4 252 960 1 639 67123. (+) Subsidies, public funds and special guarantee funds24. (+) Subordinated loan issuance -217 40025. (+) Equity issuance26. (-) repayment of shareholders’ equity and equivalent 27. (-) interest paid -213 820 -432 61328. (-) Dividends paid -2 035 272 -1 933 508V- net cASh FloW FRoM FinAncing ActiVitieS -2 249 092 -2 583 521

Vi- net chAnge in cASh And cASh eQUiVAlentS 175 956 -3 589 034

Vii- cASh And cASh eQUiVAlentS At the Beginning oF the peRiod 4 005 381 7 594 415

Viii- cASh And cASh eQUiVAlentS At the end oF the peRiod 4 181 337 4 005 381

(*) including net provisions

cash flow statement at 30 June 2015 (thousand MAD)

tYpe oF depARtURe ReASonSFoR depARtUReS

iMpAct oF depARtUReS onthe coMpAnY’S FinAnciAl

poSition oR ReSUltSI. Departures from fundamental accounting principles Not applicable Not applicableII. Departures from valuation methods Not applicable Not applicableIII. Departures from rules for drawing up and presenting the financial statements Not applicable Not applicable

Statement of departures from standard accounting treatment at 30 June 2015

nAtURe deS chAngeMentS ReASonS FoR chAngeS iMpAct oF chAngeS on the coMpAnY’S FinAnciAl poSition oR ReSUltS

I. Changes in valuation methods Not applicable Not applicableII. Changes in rules of presentation Not applicable Not applicable

Statement of changes in accounting methods at 30 June 2015

loans and advances to credit institutions and similar establishments at 30 June 2015 (thousand MAD)

loAnS And AdVAnceSBank Al Maghrib, the

treasury and post office accounts

Banksother credit institutions

or equivalent in Morocco

credit institutions abroad

total 06/30/2015

total 12/31/2014

cURRent AccoUntS in deBit 1 287 502 3 418 710 3 215 163 7 921 375 8 010 728noteS ReceiVed AS SecURitY- overnight- term

cASh loAnS 562 950 9 063 881 1 729 472 11 356 303 11 136 031- overnight 485 950 485 950 524 427- term 77 000 9 063 881 1 729 472 10 870 353 10 611 604

FinAnciAl loAnS 2 489 493 11 649 637 14 139 130 15 009 327otheR loAnS 157 592 19 627 158 238 78 750inteReSt AccRUed AWAiting Receipt 255 371 1 930 257 301 234 165non-peRFoRMing loAnS

totAl 1 287 502 3 210 035 24 387 618 4 947 192 33 832 347 34 469 001

loans and advances to customers at 30 June 2015 (thousand MAD)

loAnS And AdVAnceS public sectorprivate sector

total 06/30/2015

total 12/31/2014Financial

companiesnon-financial

companiesother custo-

mersShoRt-teRM loAnS 3 967 218 2 051 475 35 102 066 1 853 886 42 974 645 43 567 466- Current accounts in debit 1 250 305 2 051 475 18 951 740 1 597 823 23 851 343 18 972 021- Commercial loans within Morocco 4 425 583 4 425 583 5 730 573- Export loans 345 259 345 259 374 737- Other cash loans 2 716 913 11 379 484 256 063 14 352 460 18 490 135

conSUMeR loAnS 475 085 8 207 241 8 682 326 8 524 194eQUipMent loAnS 25 663 091 24 827 764 2 700 626 53 191 481 57 606 608MoRtgAge loAnS 10 219 19 151 660 36 087 113 55 248 992 54 541 553otheR loAnS 4 684 2 110 017 466 171 1 093 068 3 673 940 1 617 433ReceiVABleS AcQUiRed thRoUgh FActoRing 425 219 425 219 1 058 799inteReSt AccRUed AWAiting Receipt 1 128 143 65 045 1 193 188 1 345 955non-peRFoRMing loAnS 94 433 1 253 113 1 788 193 3 135 739 3 025 086- Sub-standard loans 11 11 52 936- Doubtful loans 2 113 202 2 315 151 434- Impaired loans 94 433 1 251 000 1 787 980 3 133 413 2 820 716

totAl 29 645 212 4 255 925 82 829 221 51 795 172 168 525 530 171 287 094

Breakdown of trading securities, available-for-sale securities and investment securitiesby category of issuer at 30 June 2015 (thousand MAD)

SecURitieScredit institutions and similar esta-

blishmentspublic issuers

private issuers total

06/30/2015 total

12/31/2014Financialcompanies

non-financial companies

liSted SecURitieS 466 302 190 15 032 137 359 711 15 694 504 15 664 956

- Treasury bills and similar instruments - - - Bonds 282 096 299 766 581 862 560 745 - Other debt securities - - - Fixed income Funds 466 20 094 15 032 137 59 945 15 112 642 15 104 211

UnliSted SecURitieS 274 950 47 418 826 602 255 6 187 48 302 218 42 544 069

- Treasury bills and similar instruments 47 415 861 47 415 861 41 701 878 - Bonds 39 635 577 573 617 208 628 133 - Other debt securities 234 658 234 658 177 579 - Fixed income Funds 657 2 965 24 682 6 187 34 491 36 479

totAl 275 416 47 721 016 15 634 392 365 898 63 996 722 58 209 025


Value of trading securities, available-for-sale securities and investment securities at 30 June 2015 (thousand MAD)

SecURitieS gross bookvalue

currentvalue

Redemptionvalue

Unrealisedcapital gains

Unrealisedlosses provisions

tRAding SecURitieS 54 102 122 54 102 122

- Treasury bills and similar instruments 38 238 005 38 238 005 - Bonds 658 689 658 689 - Other debt securities 104 657 104 657 - Fixed income Funds 15 100 772 15 100 772

AVAilABle-FoR-SAle SecURitieS 3 950 220 3 930 031 120 096 20 190 20 190

- Treasury bills and similar instruments 3 213 287 3 213 287 109 574 - Bonds 540 383 540 383 2 399 - Other debt securities 130 001 130 001 - Fixed income Funds 66 549 46 360 8 123 20 190 20 190

inVeStMent SecURitieS 5 964 568 5 964 568 - - - -

- Treasury bills and similar instruments 5 964 568 5 964 568 - - - - Bonds- Other debt securities

details of other assets at 30 June 2015 (thousand MAD)

ASSetS AMoUnt At 06/30/2015 AMoUnt At 12/31/2014

optionS pURchASedSUndRY SecURitieS tRAnSActionS (1)

SUndRY deBtoRS 723 354 560 572Amounts due from the State 553 938 246 721Amounts due from mutual societiesSundry amounts due from staffAmounts due from customers for non-banking services 177 252Other sundry debtors 169 239 313 599

otheR SUndRY ASSetS 79 1 327AccRUAlS And SiMilAR 3 425 493 1 747 288

Adjustment accounts for off-balance sheet transactions 68 725 53 203Translation differences for foreign currencies and securities 147 74Income from derivative products and hedgingDeferred expenses 52 748 64 120Inter-company accounts between head office, branch offices and branches in Morocco 942 438Accounts receivable and prepaid expenses 2 575 259 1 370 886Other accruals and similar 727 672 258 567

non-peRFoRMing loAnS on SUndRY tRAnSActionS 116 571 116 460

totAl 4 265 497 2 425 647

(1) PCEC 341, 3463 and 3469 if in debit

cAtegoRY

gross amount at the begin-

ning of the exercise

Amount of acquisitions during the exercise

Amount of transfers or withdrawals during the exercise

gross amount at the end of

the exercise

depreciation provisionsnet amountat the end

of the exercise

Allocation during

the exercise

Aggregate depreciate

Allocation in the

exercise

provision write

downs

Aggregate provisions

leASed And Rented ASSetS 2 342 413 10 072 33 301 2 319 183 182 988 904 771 1 414 412

leASed intAngiBle ASSetSequipment leasing 2 278 378 6 005 2 292 516 182 988 882 835 1 409 681- Movable assets under lease 386 3 412 11 931 11 931- Leased movable assets 2 277 992 2 593 2 280 585 182 988 882 835 1 397 750- Movable assets unleased after cancellationproperty leasing 25 647 25 647 21 936 3 711- Immovable assets under lease- Immovable leased assets 25 647 25 647 21 936 3 711- Immovable assets unleased after cancellationRents awaiting receiptRestructured rentsRents in arrears 38 388 4 067 33 301 1 020 1 020Non-performing loans

Rented ASSetS

Rented movable propertyRented propertyRents awaiting receiptRestructured rentsRents in arrearsNon-performing rents

totAl 2 342 412 10 072 33 301 2 319 183 182 988 904 771 1 414 412

leased and rented assets at 30 June 2015 (thousand MAD)

Subordinated loans at 30 June 2015 (thousand MAD)

loAnS

Amount including affiliatesand related companies

06/30/2015 12/31/2014 06/30/2015 12/31/2014gross prov. net net net net

1 2 3 4 5 6Subordinated loans to credit institutions and similar establishments

NOT APPLICABLESubordinated loans to customers

totAl

intangible assets and property, plant and equipment at 30 June 2013 (thousand MAD)

tYpe

grossvalue at the beginning of the exercise

Acquisitions disposals

grossvalue at the end of the exercise

depreciation and/or provisionsnet valueat the end

of theexercise

Amortisation and provisions

at the beginning of the exercise

Additional amortisa-

tion in 2012

Amortisation on disposed

assets

Accumula-ted amorti-sation and

depreciation

intAngiBle ASSetS 3 014 287 69 251 - 3 083 538 1 118 345 78 571 - 1 196 916 1 886 622

- Lease rights 313 228 840 - 314 067 - - - - 314 067 - Research and development - - - - - - - - - - Intangible assets used in operations 2 701 059 68 412 - 2 769 471 1 118 345 78 571 - 1 196 916 1 572 555 - Non-operating intangible assets - - - - - - - - -

pRopeRtY, plAnt And eQUipMent 6 672 527 96 065 12 788 6 755 803 3 819 096 122 116 4 505 3 936 707 2 819 096

immovable property used in operations 1 786 909 11 041 - 1 797 950 765 771 27 763 - 793 535 1 004 415

- Land 297 451 706 - 298 157 - - - - 298 157 - Office buildings 1 427 650 10 335 - 1 437 985 26 899 - 740 100 697 885 - Staff accommodation 61 808 - - 61 808 52 570 864 - 53 434 8 374

Movable property and equipment used in operations 1 833 223 29 956 - 1 863 179 1 657 612 21 129 - 1 678 741 184 438

- Office property 399 234 2 733 - 401 966 369 217 3 485 - 372 702 29 264 - Office equipment 760 423 12 047 - 772 470 705 207 7 848 - 713 054 59 415 - IT equipment 665 337 15 159 - 680 496 575 082 9 757 - 584 839 95 657 - Vehicles 8 230 17 - 8 247 8 106 39 - 8 145 102 - Other equipment - - - - - - - - -

other property, plant and equipment used in operations 1 508 305 39 405 5 1 547 705 1 132 115 55 254 4 1 187 366 360 339

property, plant and equipment not used in operations 1 544 090 15 663 12 784 1 546 969 263 597 17 970 4 502 277 065 1 269 903

Land 589 812 - 1 935 587 877 - - - - 587 877 Buildings 765 258 12 939 10 800 767 397 160 553 13 922 4 501 169 975 597 422 Movable property and equipment 43 309 63 - 43 372 42 225 765 - 42 990 382

Other property, plant and equipment not used in operations 145 711 2 661 49 148 323 60 819 3 282 1 64 101 84 222

totAl 9 686 814 165 316 12 788 9 839 341 4 937 441 200 687 4 505 5 133 623 4 705 719

gains and losses on fixed asset transfers or withdrawals at 30 June 2015 (thousand MAD)

date of transfer or withdrawal type gross amount Aggregate

depreciationnet book

valuetransferincome

Value-added transfers

loss in value transfers

oFFice eQUipMent And FURnitURe

SoFtWARe 12 778 4 505 8 273 3 982 2 047 -

June-15 GROUNDS 1 935 - 1 935

June-15 APPArtEMENtS

June-15 BuilDiNg 10 843 4 505 6 338

totAl geneRAl 12 778 4 505 8 273 3 982 2 047 -


investments in affiliates and other long-term investments at 30 June 2015 (thousand MAD)

nAMe oF the iSSUingcoMpAnY

Sectorof activity

Sharecapital

Share of equity held

grossbook value

net book value

data from the issuing company’s most recent financial statements

contri-bution to current year’s

incomeYear-end

netassets

netincome

A. inVeStMentS in AFFiliAte coMpAnieS 11 733 420 11 429 892 1 202 470

AttijAri FiNANCES COrPOrAtE INVESTMENT BANKING 10 000 100,00% 10 000 10 000 12/31/14 45 580 33 097 30 000 OMNiuM DE gEStiON MArOCAiN S.A."OgM" HOLDING COMPANY 885 000 100,00% 2 047 900 2 047 900 12/31/14 1 433 342 239 697 425 000

SOMACOVAM ASSET MANAGEMENT 5 000 100,00% 30 000 7 936 WAFA gEStiON ASSET MANAGEMENT 4 900 66,00% 236 369 236 369 12/31/14 128 279 60 699 40 069 AttijAri iNVESt. 5 000 100,00% 5 000 5 000 06/30/12 49 808 4 765 WAFA BOurSE SECURITIES BROKERAGE 20 000 100,00% 40 223 35 516 06/30/12 39 601 -1 542

WAFA PAtriMOiNE PRIVATE PORTFOLIO MANAGEMENT 11 400 66,00% 11 700 9 911

AttijAri OPErAtiONS 1 000 100,00% 1 000 1 000 12/31/13 161 -74 AttijAri AFriCA 2 000 100,00% 2 000 2 000 12/31/13 17 093 8 675 AttijAri CiB AFriCA 2 000 100,00% 2 000 2 000 12/31/13 422 -70 AttijAri it AFriCA 1 000 100,00% 1 000 1 000 2 239 1 190 AttijAri ASSEt MANAgEMENt AAM SA (Sénégal) gEStiON D'ACtiF 1 200 000

FCFA 70,00% 13 888 13 888

AttijAriWAFA BANK MiDDlE EASt liMitED 1 000 100,00% 8 194 8 194

StE MArOCAiNE DE gEStiON Et trAi-tEMENt iNFOrMAtiquE "SOMgEti" IT 300 100,00% 100 100 12/31/13 548 -18

AgENA MAghrEB SALE OF IT EQUIPMENT 11 000 74,96% 33 - 12/31/13 -6 753 -37 AttijAri CAPitAl DEVElOPEMENt RISK CAPITAL 10 000 100,00% 10 000 - AttijAri PrOtECtiON SECURITY 4 000 83,75% 3 350 3 350 12/31/13 4 607 -30 BCM COrPOrAtiON HOLDING COMPANY 200 000 100,00% 200 000 200 000 12/31/14 249 723 35 941 35 000 CASA MADriD DEVElOPPEMENt DEVELOPMENT CAPITAL 10 000 50,00% 5 000 5 000 12/31/13 10 472 256

DiNErS CluB Du MArOC MANAGEMENT OF PAYMENT CARDS 1 500 100,00% 1 675 1 054 12/31/13 1 055 -82

MEDi trADE TRADING 1 200 20,00% 240 173 12/31/13 715 23 Al MiFtAh PROPERTY 100 100,00% 244 - 12/31/13 -2 046 -2 125 WAFA COurtAgE 1 000 100,00% 2 397 2 397 12/31/13 20 869 14 578 13 000 WAFA COMMuNiCAtiON 3 000 86,67% 2 600 267 12/31/13 309 55 WAFA FONCiErE PROPERTY MANAGEMENT 2 000 100,00% 3 700 2 010 12/31/13 2 010 -177

WAFA iNVEStiSSEMENt INVESTMENT HOLDING COMPANY 55 000 100,00% 55 046 -

WAFA SYStEMES CONSultiNg IT CONSULTING 5 000 99,88% 4 994 4 994 12/31/13 5 744 -223

WAFA SYStEMES DAtA IT 1 500 100,00% 1 500 1 500 12/31/13 1 655 -50 WAFA SYStEMES FiNANCES IT SOLUTIONS 2 000 100,00% 2 066 2 066 12/31/13 2 544 -369 WAFA truSt FINANCIAL SERVICES 100,00% 1 500 1 500 06/30/12 1 616 -55 AttijAriA Al AAKAriA Al MAghriBiA PROPERTY 10 000 100,00% 9 999 7 600 12/31/13 7 600 240 SOCiEtE iMMOBiliErE AttijAriA Al YOuSSOuFiA PROPERTY 50 000 100,00% 51 449 51 449 12/31/13 101 577 -16 5 000

StE iMMOB.BOulEVArD PAStEur " SiBP" PROPERTY 300 50,00% 25 25 12/31/13 1 123 2

SOCiEtE iMMOBiliErE rANOuil PROPERTY 3 350 100,00% 11 863 4 661 12/31/13 4 661 69 SOCiEtE iMMOBiliErE DE l'hiVErNAgE SA PROPERTY 15 000 100,00% 15 531 11 810 12/31/13 11 810 -1 352

SOCiEtE iMMOBiliErE MAiMOuNA PROPERTY 300 100,00% 5 266 3 432 12/31/13 3 432 -8 StE iMMOBiliErE MArrAKECh EXPANSiON PROPERTY 300 100,00% 299 299 12/31/13 811 15

SOCiEtE iMMOBiliErE zAKAt PROPERTY 300 100,00% 2 685 407 12/31/13 407 58 AYK 100 100,00% 100 - 12/31/13 -1 121 -11 CAPri PROPERTY 124 000 99,76% 187 400 - AttijAri iMMOBiliEr PROPERTY 50 000 100,00% 71 686 71 686 12/31/14 60 502 463 AttijAri iNtErNAtiONAl BANK "AiB" OFFSHORE BANK 2 400 KEurO 100,00% 92 442 92 442 12/31/14 21 510 KEurO 2 403 KEurO WAFACASh MONEY TRANSFERS 35 050 99,98% 324 074 324 074 12/31/14 336 670 111 520 100 000 WAFA iMMOBiliEr PROPERTY 50 000 100,00% 164 364 164 364 12/31/14 143 621 87 553 90 000 WAFASAlAF CONSUMER FINANCE 113 180 50,91% 634 783 634 783 12/31/14 1 658 849 356 921 152 727 WAFA llD LEASING 20 000 100,00% 20 000 20 000 12/31/14 58 315 24 378 20 000 WAFABAil LEASE-FINANCING 150 000 57,83% 86 983 86 983 12/31/14 775 958 83 565 23 133 DAr ASSAFAA litAMWil 50 000 100,00% 50 510 50 510 ANDAluMAghrEB HOLDING 1 000 KEurO 100,00% 10 950 10 950

ANDAluCArtAgE HOLDING 126 390 KEurO 100,00% 1 964 504 1 964 504 12/31/14 149 490

KEurO 11 939 KEurO

AttijAriWAFA EurO FiNANCES hOlDiNg 39 557 KEurO 100,00% 502 622 502 622 06/30/13 39 351 KEurO -

CAFiN HOLDING COMPANY 1 122 000 KFCFA 100,00% 257 508 257 508 12/31/14 7 215 309

KFCFA 1 266 009 KFCFA

KASOVi HOLDING COMPANY 50 KuSD 50,00% 731 264 731 264 12/31/14 19 002 KuSD 9 056 KuSD 33 749 COMPAgNiE BANCAirE DE l'AFriquE OCCiDENtAlE"CBAO" BANKING 11 450 000

KFCFA 4,90% 35 979 35 979 12/31/14 70 673 266 KFCFA 1 681 282 KFCFA

BANquE iNtErNAtiONAlE POur lE MAli "BiM SA" BANKING 5 002 870


SOCiEtE iVOiriENNE DE BANquE " SiB " BANKING 10 000 000

KFCFA 51,00% 648 084 648 084 12/31/14 45 713 627 KFCFA 10 419 515 KFCFA 44 853

CrEDit Du SENEgAl BANKING 5 000 000 KFCFA 95,00% 292 488 292 488 12/31/14 15 832 431

KFCFA 3 000 691 KFCFA 29 966

CrEDit Du CONgO BANKING 7 743 670 KFCFA 91,00% 608 734 608 734 12/31/14 22 307 905

KFCFA 7 720 942 KFCFA 85 422

uNiON gABONAiSE DE BANquES "ugB gABON" BANKING 10 000 000

KFCFA 58,71% 848 842 848 842 12/31/14 28 323 587 KFCFA 8 662 957KFCFA 69 346

AttijA AFriquE PArtiCiPAtiON BANKING 10 010 KEurO 100,00% 113 120 113 120 12/31/14 9 916 KEurO -30 KEurO

SOCiEtE COMMErCiAlE DE BANquE CAMErOuN BANKING 10 000 000


SOCiEtE BiA tOgO BANKING 6 000 000 KFCFA 55,00% 143 872 143 872 12/31/14 11 244 441

KFCFA 1 367 308 KFCFA 5 205

SOCiEtE CiVilE iMMOBiliErE tOgO lOME PROPERTY 100,00% 66 761 66 761 12/31/14 3 863 793

KFCFA -33 765 KFCFA

WAFACAMBiO 963 963 WAFABANK OFFShOrE DE tANgEr 100,00% 5 842 5 842

Amounts owing to credit institutions and similar establishments at 30 June 2015 (thousand MAD)

AMoUntS oWing

credit institutions and similar establishments in Moroccocredit

institutions overseas

total06/30/2015

total12/31/2014

Bank Al Maghrib,the treasury and post

office accountsBanks

other credit institutions and similar

establishmentscURRent AccoUntS in cRedit 47 941 277 592 831 611 1 157 144 1 995 975noteS giVen AS SecURitY 14 162 564 14 162 564 10 817 731

- overnight 5 093 216 5 093 216- term 9 069 348 9 069 348 10 817 731

cASh BoRRoWingS 6 440 000 2 091 460 7 600 705 3 048 148 19 180 313 28 420 620- overnight 1 655 000 2 561 435 83 583 4 300 018 4 454 687- term 6 440 000 436 460 5 039 270 2 964 565 14 880 295 23 965 933

FinAnciAl BoRRoWingS 1 992 82 2 074 2 074otheR deBtS 51 378 68 802 120 180 70 620inteReSt pAYABle 90 886 15 400 106 286 223 428

totAl 20 655 934 2 208 203 7 969 183 3 895 241 34 728 561 41 530 448

customer deposits at 30 June 2015 (thousand MAD)

depoSitS public sectorprivate sector

total06/30/2015

total12/31/2014Financial

companiesnon-financial

companies other customers

CURRENT ACCOUNTS IN CREDIT 2 187 453 2 949 937 24 056 144 88 575 293 117 768 827 116 123 035SAVINGS ACCOUNTS 25 398 737 25 398 737 25 048 786TERM DEPOSITS 2 880 000 6 211 898 13 113 911 21 640 792 43 846 601 40 515 128OTHER ACCOUNTS IN CREDIT 12 456 249 273 6 560 419 1 175 647 7 997 795 8 221 172ACCRUED INTEREST PAYABLE 959 509 2 058 961 567 811 607

totAl 5 079 909 9 411 108 44 689 983 136 792 527 195 973 527 190 719 730

investments in affiliates and other long-term investments at 30 June 2015 (thousand MAD)

B- otheR inVeStMentS 584 535 459 878 40 793 NOuVEllES SiDErurgiES iNDuStriEllES METALS AND MINING 3 415 000 2,72% 92 809 42 809 3 406

SONASiD METALS AND MINING 28 391 9 216 430 AttijAriWAFA BANK BANKING 623 623 SiNCOMAr 300 47,50% - - AgrAM iNVESt 40 060 27,82% 10 938 7 492 26 934 -11

AM iNVEStiSSEMENt MOrOCCOINVESTMENT HOLDING COMPANY 400 000 3,25% 13 000 13 000 550

BOuzNiKA MAriNA PROPERTY DEVELOPMENT 500 - EurOChEquES MArOC 364 364 FONDS D'iNVEStiSSEMENt igrANE 70 000 18,26% 9 970 407 06/30/12 17 630 -6 559 iMMOBiliErE iNtErBANCAirE "g.P.B.M."

PROFESSIONAL BANKER’S ASSOCIATION 19 005 20,00% 3 801 3 801

iMPrESSiON PrESSE EDitiON (iPE) PUBLISHING 400 400 MOuSSAFir hOtElS HOTEL MANAGEMENT 193 000 33,34% 64 343 64 343 12/31/14 350 513 60 001 17 767 SAliMA hOlDiNg HOLDING COMPANY 150 000 13,33% 16 600 16 600 S.E.D. FES 10 000 10,00% - - StE D'AMENAgEMENt Du PArC NOuACEr"SAPiNO" PROPERTY DEVELOPMENT 60 429 22,69% 13 714 13 714 06/30/12 225 678 3 221 2 000

tANgEr FrEE zONE PROPERTY DEVELOPMENT 105 000 25,71% 58 221 58 221 5 000 tEChNOlOPArK COMPANY "MitC" SERVICES PROVIDER 8 150 7 784 WOrlD trADE CENtEr - -

MArOClEAr SECURITIES CUSTODIAN 20 000 6,58% 1 342 1 342

hAWAziN PROPERTY 960 12,50% 704 - iNtAj PROPERTY 576 12,50% 1 041 549

EXP SErViCES MArOC S.A. RISK CENTRALISATION SERVICES 20 000 3,00% 600 600

h PArtNErS 1 400 010 7,14% 100 000 62 616 06/30/12 1 021 479 -6 231

MOrOCCAN FiNANCiAl BOArD 20 000 20 000 MArOC NuMEriquE FuND 157 643 6,34% 10 000 9 556 06/30/12 150 647 3 239 FONCiErE EMErgENCE 120 017 8,06% 19 338 19 338 AltErMED MAghrEB Eur 5 247 5 247 iNtEr MutuEllES ASSiStANCE 894 894 WAFA iMA ASSiStANCE 15 356 15 356 1 000 3 P FuND 80 020 5,00% 7 500 7 500 BANquE D'AFFAirE tuNiSiENNE BANKING 198 741 2 583 - 12/31/14 373 643 27 686 CENtrE MONEtiquE iNtErBAN-CAirE ELECTRONIC BANKING 98 200 22,40% 22 000 22 000 8 800

SOCiEtE iNtErBANK MANAGEMENT OF BANK CARDS 11 500 16,00% 1 840 1 840 1 840

SMAEX 37 450 11,42% 4 278 4 278 BANquE MAghrEBiNE POur l'iNVEStiSSEMENt Et lE COMMErCE EXtEriEur "BMiCE"

Banque 500 000 KuSD 1,20% 49 583 49 583

FONDS AttijAri AFriCA FuNDS Multi ASSEtS 31 KEurO 346 346

SgFg SOCiEtE MArOCAiNE DE gES-tiON DES FONDS DE gArANtiE DES DEPÖtS BANCAirE

59 59

c - SiMilAR inVeStMentS 721 600 560 879 C/C ASSOCIATED 705 765 545 044 OTHER SIMILAR INVESTMENTS 15 835 15 835

totAl 13 039 555 12 450 649 1 243 263


details of other liabilities at 30 June 2015 (thousand MAD)

liABilitieS 06/30/2015 12/31/2014inStRUMentS optionnelS VendUSopeRAtionS diVeRS SUR titReS (1) 8 410 434 633 891cRediteURS diVeRS 3 284 064 3 270 127Sommes dues à l'Etat 648 647 1 575 206Sommes dues aux organismes de prévoyance 92 929 68 295Sommes diverses dues au personnel 322 522 337 291Sommes diverses dues aux actionnaires et associés 1 587 100 3 759Fournisseurs de biens et services 614 653 1 254 106Divers autres créditeurs 18 213 31 470coMpteS de RegUlARiSAtion 1 638 047 1 971 464Comptes d'ajustement des opérations de hors bilan 151 070 410 085Comptes d'écarts sur devises et titresrésultats sur produits dérivés de couverture Comptes de liaison entre siège, succursales et agences au Maroc Charges à payer et produits constatés d'avance 792 020 1 316 567Autres comptes de régularisation 694 957 244 812

totAl 13 332 545 5 875 482

(1) PCEC 341, 343, 344, 3462 and 3464 if in credit

provisions at 30 June 2015 (thousand MAD)

pRoViSionS outstanding 12/31/2014

Additionalprovisions Write-backs other changes outstanding

06/30/2015pRoViSionS, dedUcted FRoM ASSetS, FoR: 7 168 167 1 246 610 475 583 7 939 194 Loans and advances to credit institutions and other similar establishmentsLoans and advances to customers 6 644 079 1 145 073 475 430 7 313 721 Available-for-sale securities 18 805 1 537 153 20 189 Investments in affiliates and other long-term investments 488 906 100 000 - 588 906 Leased and rented assets 0 - Other assets 16 377 - 16 377 pRoViSionS RecoRded UndeR liABilitieS 2 634 425 223 765 189 522 -40 2 668 628 Provisions for risks in executing signature loans 202 503 41 335 11 096 0 232 742 Provisions for foreign exchange risks - 4 868 4 868 General provisions 1 893 349 125 000 137 000 1 881 349 Provisions for pension fund and similar obligations 122 093 28 292 26 157 124 227 Other provisions 416 480 24 270 15 268 -40 425 442 Regulated provisionstotAl 9 802 592 1 470 375 665 105 -40 10 607 822

econoMic pURpoSe totAl VAlUe VAlUe At

december 2014UtiliSAtion

2014VAlUe Atjune 2015

SUBSIDIES

nÉAntPUBLIC FUNDSSPECIAL GUARANTEE FUNDS

totAl

Subsidies, public funds and special guarantee funds at 30 June 2015 (thousand MAD)

debt securities issued at 30 June 2015 (thousand MAD)

SecURitieScharacteristics

Valueincluding Unamortised value of

issue or redemption premiums

entitlement date Maturity nominal value interest rate Redemption

terms Affiliates Relatedcompanies

CERTIFICATES OF DEPOSIT 06/10/10 06/10/17 100 000 Var iN FiNE 100 000 CERTIFICATES OF DEPOSIT 13/10/11 13/10/16 100 000 4,56% iN FiNE 100 000 CERTIFICATES OF DEPOSIT 02/09/13 02/09/15 100 000 4,95% iN FiNE 230 000 CERTIFICATES OF DEPOSIT 24/12/13 24/12/18 100 000 5,60% iN FiNE 100 000 CERTIFICATES OF DEPOSIT 25/02/14 25/02/16 100 000 4,40% iN FiNE 1 000 000 CERTIFICATES OF DEPOSIT 18/03/14 18/03/16 100 000 4,14% iN FiNE 500 000 CERTIFICATES OF DEPOSIT 23/04/14 23/04/19 100 000 4,60% iN FiNE 100 000 CERTIFICATES OF DEPOSIT 23/04/14 23/04/17 100 000 4,28% iN FiNE 300 000 CERTIFICATES OF DEPOSIT 20/06/14 20/06/16 100 000 3,85% iN FiNE 428 000 CERTIFICATES OF DEPOSIT 04/07/14 03/07/15 100 000 3,51% iN FiNE 593 500 CERTIFICATES OF DEPOSIT 12/08/14 12/08/16 100 000 3,75% iN FiNE 332 000 CERTIFICATES OF DEPOSIT 16/09/14 15/09/15 100 000 3,51% iN FiNE 371 000CERTIFICATES OF DEPOSIT 16/10/14 15/10/15 100 000 3,25% iN FiNE 537 900 CERTIFICATES OF DEPOSIT 31/10/14 30/10/15 100 000 3,22% iN FiNE 100 000 CERTIFICATES OF DEPOSIT 02/12/14 01/12/15 100 000 3,15% iN FiNE 100 000 CERTIFICATES OF DEPOSIT 18/12/14 17/12/15 100 000 3,10% iN FiNE 542 000 CERTIFICATES OF DEPOSIT 12/01/15 12/01/16 100 000 2,88% iN FiNE 362 000 CERTIFICATES OF DEPOSIT 12/01/15 13/07/15 100 000 2,75% iN FiNE 150 000 CERTIFICATES OF DEPOSIT 22/01/15 21/01/16 100 000 2,86% iN FiNE 187 700 CERTIFICATES OF DEPOSIT 27/01/15 28/07/15 100 000 2,75% iN FiNE 300 000

totAl 6 434 100

Subordinated debts at 30 June 2015 (thousand MAD)

coMMitMentS 06/30/2015 12/31/2014

FinAncing coMMitMentS And gUARAnteeS giVen 58 297 752 55 212 058Financing commitments given to credit institutions and similar establishments 532 532Import documentary creditsAcceptances or commitments to be paid 532 532Confirmed credit linesBack-up commitments on securities issuanceIrrevocable leasing commitmentsOther financing commitments givenFinancing commitments given to customers 15 711 416 15 996 740Import documentary credits 12 991 771 13 392 524Acceptances or commitments to be paid 2 658 238 2 568 738Confirmed credit linesBack-up commitments on securities issuanceIrrevocable leasing commitments 61 407 35 478Other financing commitments givenguarantees given to credit institutions and similar establishments 10 343 190 8 585 113Confirmed export documentary credits 376 734 195 296Acceptances or commitments to be paidCredit guarantees givenOther guarantees and pledges given 9 966 457 8 389 817Non-performing commitmentsguarantees given to customers 32 242 613 30 629 673Credit guarantees given 728 677 897 422Guarantees given to government bodies 16 226 608 15 780 651Other guarantees and pledges given 14 735 601 13 279 407Non-performing commitments 551 727 672 194FinAncing coMMitMentS And gUARAnteeS ReceiVed 17 266 304 17 278 171Financing commitments received from credit institutions and similar establishments 654 689 658 170Confirmed credit linesBack-up commitments on securities issuanceOther financing commitments received 654 689 658 170guarantees received from credit institutions and similar establishments 16 515 689 16 543 596Credit guarantees receivedOther guarantees received 16 515 689 16 543 596guarantees received from the State and other organisations providing guarantees 95 925 76 405Credit guarantees received 95 925 76 405Other guarantees received

Financing and guarantee commitments at 30 June 2015 (thousand MAD)

Shareholders equity at 30 June 2015 (thousand MAD)

ShAReholdeRS’ eQUitY outstanding 12/31/2014 Appropriation of income other changes outstanding 06/30/2015

Revaluation reserve 420 420 Reserves and premiums related to share capital 23 407 000 1 509 000 - 24 916 000 Legal reserve 203 527 - 203 527 Other reserves 15 086 980 1 509 000 16 595 980 Issue, merger and transfer premiums 8 116 493 - 8 116 493 Share capital 2 035 272 - - 2 035 272 Called-up share capital 2 035 272 - 2 035 272 Uncalled share capitalNon-voting preference sharesFund for general banking risksShareholders’ unpaid share capitalRetained earnings (+/-) 1 194 -158 27 1 063 net income (loss) awaiting appropriation (+/-)net income (+/-) 3 544 114 -3 544 114 2 249 010 totAl 28 988 000 -2 035 272 27 29 201 765

currencyof issue

Value of loan in currency

of issue

price(1) Rate Maturity

(2)

terms for early re-demption, subordina-tion and convertibility

(3)

Value of loanin MAdK

including related businesses including other related businesses

Value in MAdK2014

Value in MAdK06/2015

Value in MAdK2014

Value in MAdK06/2015

MAD 3,80% 10 YEArS 320 000MAD 3,84% 7 YEArS 950 000MAD 4,04% 10 YEArS 879 600MAD 4,75% 10 YEArS 880 000MAD 4,76% 7 YEArS 50 000MAD 4,77% 7 YEArS 201 700MAD 4,78% 7 YEArS 723 200MAD 4,98% 7 YEArS 1 275 100MAD 5.00% 10 YEArS 710 000MAD 5,01% 5 YEArS 710 000MAD 5,10% 10 YEArS 1 000 000MAD 5,24% 10 YEArS 290 000MAD 5,60% 5 YEArS 540 000MAD 5,60% 10 YEArS 1 120 400totAl 9 650 000

(1) BAM price at 06/30/2015 - (2) Possibly for an unspecified period – (3) Refer to the subordinated debt contract note


Forward foreign exchange transactions and commitments on derivative products at 30 June 2015 (thousand MAD)

hedging activities other activities

06/30/2015 12/31/2014 06/30/2015 12/31/2014

Forward foreign exchange transactions 46 388 299 64 032 098Foreign currencies to be received 19 861 635 28 514 455Dirhams to be delivered 6 298 771 6 336 475Foreign currencies to be delivered 16 921 310 25 914 063Dirhams to be received 3 306 583 3 267 105commitments on derivative products 50 788 385 55 448 207Commitments on regulated fixed income markets 33 794 45 209Commitments on OTC fixed income markets 7 550 830 9 388 847Commitments on regulated foreign exchange marketsCommitments on OTC foreign exchange markets 15 136 612 15 017 658Commitments on regulated markets in other instruments 7 533 91 691Commitments on OTC markets in other instruments 28 059 616 30 904 800

Value

commitments given 936 901Securities purchased with redemption rightsOther securities to be provided 936 901

commitments receivedSecurities sold with redemption rightsOther securities receivable

commitments on securities at 30 June 2015 (thousand MAD)

Securities received as guarantee

net book value

Asset/off-balance sheet entries in which loans and signature loans

pledged are given

Value of loans and signature loans pledged

that are hedged

Treasury bills and similar assets

Other securities N/D

Mortgages

Other physical assets

totAl

Securities givenas guarantee

net book value

liability/off-balance sheet entries in which debts and signature loans pledged are

received

Value of debts and signature loans pledged

that are hedged

Treasury bills and similar assets 8 719 348 Other securitiesMortgages

Other physical assets 890 455 Other assets received and pledged

totAl 9 609 803

Securities received and given as guarantee at 30 June 2015 (thousand MAD)

d ≤ 1 month 1 month < d ≤ 3 months

3 months < d ≤ 1 year

1 year < d ≤ 5 years d > 5 years totAl

ASSetS

Loans and advances to credit institutions and similar establishments 18 127 076 30 000 3 475 123 10 355 342 300 000 32 287 541

Loans and advances to customers 42 827 961 14 000 072 13 988 661 46 966 737 49 548 911 167 332 342Debt securities 23 644 354 1 320 4 442 283 22 611 051 7 333 145 58 032 153Subordinated loansLeased and rented assets

totAl 84 599 391 14 031 392 21 906 067 79 933 130 57 182 056 257 652 036

liABilitieS

Amounts owing to credit institutions and similar establishments 31 147 547 588 123 2 886 605 34 622 275

Amounts owing to customers 165 902 401 7 888 918 19 233 143 1 987 498 195 011 960

Debt securities issued 6 434 100 6 434 100

Subordinated debt 1 250 000 8 400 000 9 650 000

totAl 203 484 048 8 477 041 22 119 748 3 237 498 8 400 000 245 718 335

Breakdown of assets and liabilities by residual maturity at 30 June 2015 (thousand MAD)

Remarks:- Loans and advances of less than 1 month comprise current accounts for credit institutions and other customers- Amounts owing of less than 1 month comprise amounts owing to credit institutions and other customers

nUMBeR oF coUnteRpARtieS totAl

7 50 463 341

Risk concentration with the same counterparty at 30 June 2015 (thousand MAD)

06/30/2015 06/30/2014

Interest and similar income from activities with customers 4 673 404 4 730 781 of which interest and similar income 4 170 423 4 623 414 of which fee income on commitments 502 981 107 367 Interest and similar income from activities with credit institutions 567 980 552 400 of which interest and similar income 545 516 541 702 of which fee income on commitments 22 464 10 697 Interest and similar income from debt securities 269 868 321 527 totAl inteReSt And SiMilAR incoMe 5 511 252 5 604 708 Interest and similar expenses on activities with customers 1 440 952 1 505 752 Interest and similar expenses on activities with credit institutions 425 273 720 109 Interest and similar expenses on debt securities issued 154 570 171 361 totAl inteReSt And SiMilAR eXpenSeS 2 020 795 2 397 222 net inteReSt MARgin 3 490 457 3 207 486

net interest margin at 30 June 2015 (thousand MAD)

BAlAnce Sheet 06/30/2015 12/31/2014

ASSetS 24 055 456 30 541 527Cash and balances with central banks, the Treasury and post office accounts 88 036 92 295Loans and advances to credit institutions and similar establishments 9 185 266 9 568 225Loans and advances to customers 4 235 130 9 814 336Trading securities and available-for-sale securities 2 942 440 3 465 185Other assets 142 809 153 477Investments in affiliates and other long-term investments 7 438 723 7 424 834Subordinated loansLeased and rented assetsIntangible assets and property, plant and equipment 23 052 23 175

liABilitieS 13 204 656 20 997 613Amounts owing to central banks, the Treasury and post office accountsAmounts owing to credit institutions and similar establishments 7 339 124 13 404 201Customer deposits 5 724 845 7 448 967Debt securities issuedOther liabilities 138 467 142 214Subsidies, public funds and special guarantee fundsSubordinated debtShare capital and reservesProvisions 7 507 7 547Retained earnings -5 288 -5 316Net income

oFF-BAlAnce Sheet iteMS 44 865 673 42 911 981Commitments given 31 453 899 29 178 793Commitments received 13 411 774 13 733 188

Breakdown of foreign currency-denominated assets, liabilities and off-balance sheet items at 30 June 2015 (thousand MAD)

eXpenSeS 06/30/2015 06/30/2014Staff costs 918 923 857 792 Taxes 57 236 56 577 External expenses 828 457 778 661 Other general operating expenses 13 071 3 124 Depreciation, amortisation and provisions on intangible assets and property, plant and equipment 200 687 193 395 totAl 2 018 374 1 889 549

general operating expenses at 30 June 2015 (thousand MAD)

FeeS 06/30/2015 06/30/2014

Account management 94 926 89 803 Payment services 260 568 245 388 Securities transactions 21 488 12 955 Asset management and custody 31 187 29 064 Credit services 50 684 46 081 Corporate finance - - Sale of insurance products 43 534 37 273 Other services provided 132 632 125 051

totAl 635 018 585 615

Fee income provided from services at 30 June 2015 (thousand MAD)


cAtegoRY 06/30/2015 06/30/2014

Available-for-sale securitiesInvestments in affiliates and other long-term investments 1 257 995 1 259 107

totAl 1 257 995 1 259 107

income from equity securities at 30 June 2015 (thousand MAD)

incoMe And eXpenditUReS 06/30/2015 06/30/2014

+ Gains on trading securities 1 120 489 1 924 448 - Losses on trading securities 487 551 93 328 income from activities in trading securities 632 939 1 831 120 + Capital gains on disposal of available-for-sale securities - 2 930 + Write-back of provisions for impairment of available-for-sale securities 153 13 830 - Losses on disposal of available-for-sale securities 83 41 - Provisions for impairment of available-for-sale securities 1 537 53 income from activities in available-for-sale securities -1 467 16 666 + Gains on foreign exchange transactions - transfers 1 846 808 178 949 + Gains on foreign exchange transactions - notes 41 026 41 207 - Losses on foreign exchange transactions - transfers 1 588 548 - - Losses on foreign exchange transactions - notes 830 57 375 income from foreign exchange activities 298 455 162 781 + Gains on fixed income derivative products 46 642 63 260 + Gains on foreign exchange derivative products 101 842 41 141 + Gains on other derivative products 364 935 4 541 - Losses on fixed income derivative products 62 555 202 975 - Losses on foreign exchange derivative products 50 010 11 413 - Losses on other derivative products 108 166 156 332 income from activities in derivatives products 292 687 -261 777

income from market activities at 30 June 2015 (thousand MAD)

other income and expenses at 30 June 2015 (thousand MAD)

i - deteRMining incoMe MontAnt

Income from ordinary activities after items of income and expenditure 2 937 070 Tax write-backs on ordinary activities (+) 247 279 Tax deductions on ordinary activities (-) 1 276 157 Theoretical taxable income from ordinary activities (=) 1 908 192 Theoretical tax on income from ordinary activities (-) 706 031 Income after tax from ordinary activities (=) 2 231 039

ii- SpeciFic tAX tReAtMent inclUding BeneFitS gRAnted BY inVeStMent codeS UndeR SpeciFic legAl pRoViSionS

determining income after tax from ordinary activities at 30 June 2015 (thousand MAD)

detailed information on value added tax at 30 June 2015 (thousand MAD)

tYpeBalance at the beginning

of the exercise1

transactions liable to VAt during the period

2

VAt declarations during the period

3

Balance at the endof the exercise

(1+2-3=4)

A. VAt collected 171 277 681 736 731 287 121 726 B. Recoverable VAt 230 933 227 916 279 892 178 957 On expenses 130 906 208 083 253 898 85 091 On fixed assets 100 028 19 833 25 994 93 867 c. VAt payable or VAt credit = (A-B) -59 657 453 820 451 395 -57 231

otheR BAnKing incoMe And eXpenSeS 06/30/2015 06/30/2014

Other banking income 3 521 895 2 270 307 Other banking expenses 2 749 475 951 809 totAl 772 420 1 318 498

otheR non-BAnKing incoMe And eXpenSeS 06/30/2015 06/30/2014Non-banking operating income 20 384 20 814 Non-banking operating expenses - - totAl 20 384 20 814

Provisions and losses on irrecoverable loans 1 921 215 1 833 225 Provision write-backs and amounts recovered on impaired loans 694 862 341 777

non-cURRent incoMe And eXpenSeS 06/30/2015 06/30/2014Non-current income 2 777 1 828 Non-current expenses 54 712 47 166

Reconciliation of net income for accounting and tax purposes at 30 June 2015 (thousand MAD)

Shareholding structure at 30 June 2015

ReconciliAtion StAteMent Amount Amount

i- net incoMe FoR AccoUnting pURpoSeS 2 249 010 Net profit 2 249 010 Net loss

ii- tAX WRite-BAcKS 883 404 1 – Current 883 404

Income tax 636 125 Losses related to tax controlLosses on irrecoverable loans not provisioned 44 685 General provisions 125 000 Provisions for pension funds and similar obligation 28 292 Non-deductible exceptional expenses 1 827 Contribution for the social cohesion support 45 898 Personal gifts 1 577

2- Non-Currentiii- tAX dedUctionS 1 276 157

1- Current 1 276 157 100% allowance on income from investments in affiliates 1 250 000 Write-back of investmentWrite-back of provisions used 26 157

2- Non-Current - totAl 3 132 414 1 276 157

iV - gRoSS incoMe FoR tAX pURpoSeS 1 856 257 - Gross profit for tax purposes if T1 > T2 (A) 1 856 257 - Gross loss for tax purposes if T2 > T1 (B)

V - tAX loSS cARRY FoRWARdS (c) (1)

- Financial year Y-4- Financial year Y-3- Financial year Y-2- Financial year Y-1

Vi - net incoMe FoR tAX pURpoSeS 1 856 257Net profit for tax purposes (A-C) 1 856 257Net loss for tax purposes (B)

Vii - AccUMUlAted deFeRRed depReciAtion AlloWAnceS

Viii - AccUMUlAted tAX loSSeS to Be cARRied FoRWARd- Financial year Y-4- Financial year Y-3- Financial year Y-2- Financial year Y-1

(1) up to the value of gross profit for tax purposes (A)

name of main shareholders or associates Adressnumber of shares held % of share

capitalprevious period current period

A- doMeStic ShAReholdeRS

* S.N.i ANglE ruES D'AlgEr Et DuhAuME CASA 97 360 360 97 433 137 47,87%* WAFACOrP 42 BD ABDElKriM Al KhAttABi CASA 58 466 58 466 0,03%* Al WAtANiYA 83 AVENuE DES FAr CASA 2 683 942 2 683 942 1,32%* WAFA ASSurANCE 1 ruE ABDElMOuMEN CASA 13 456 468 13 456 468 6,61%* grOuPE MAMDA & MCMA 16 ruE ABOu iNANE rABAt 16 708 318 16 708 318 8,21%* AXA ASSurANCES MArOC 120 AVENuE hASSAN ii CASA 2 036 558 2 036 558 1,00%* PErSONNEl DE lA BANquE ************************** 6 466 758 5 495 699 2,70%* CAiSSE MArOCAiNE DE rEtrAitE 140 PlACE MY El hASSAN rABAt 4 405 769 4 405 769 2,16%* CiMr BD ABDElMOuMEN CASA 5 675 608 5 675 608 2,79%* CAiSSE DE DEPOt Et DE gEStiON 140 PlACE MY El hASSAN rABAt 3 576 531 3 576 531 1,76%* OPCVM Et AutrES DiVErS ACtiONNAirES ************************** 40 382 834 41 281 116 20,28%

B- FoReign ShAReholdeRS

*SANTUSA HOLDING PASEO DE lA CAStEllANA N° 24 MADriD (SPAIN) 10 715 614 10 715 614 5,26%

totAl - ii 203 527 226 203 527 226 100,00%


customer accounts at 30 June 2015

06/30/2015 12/31/2014

Current accounts 154 415 147 847Current accounts of Moroccans living abroad 766 750 770 663Other current accounts 1 737 238 1 637 572Factoring liabilitiesSavings accounts 813 180 780 277Term accounts 16 770 16 848Certificates of deposit 4 053 4 006Other deposit accounts 970 801 871 527

totAl 4 463 207 4 228 740

BRAnch netWoRK 06/30/2015 12/31/2014

Permanent counters 1 114 1 106Occasional counters 0 0Cash dispensers and ATMs 1 156 1 142Overseas branches 70 70Overseas representative offices 4 4

Branch network at 30 June 2015

StAFF 06/30/2015 12/31/2014

Salaried staff 7 748 7 678 Staff in employment 7 748 7 678 Full-time staff 7 748 7 678 Administrative and technical staff (full-time)Banking staff (full-time)Managerial staff (full-time) 4 071 3 978 Other staff (full-time) 3 677 3 700 Including Overseas staff 52 50

Staff at 30 June 2015

Appropriation of income at 30 June 2015 (thousand MAD)

Value Value

A- origin of appropriated income B- Appropriation of income

Earnings brought forward 1 194 to legal reserve -Net income awaiting appropriation Dividends 2 035 272 Net income for the financial year 3 544 114 Other items for appropriation 1 508 973 Deduction from income Earnings carried forward 1 063 Other deductions

totAl A 3 545 308 totAl B 3 545 308

ii. poSt-BAlAnce Sheet iteMS not RelAted to thiS FinAnciAl YeAR KnoWn BeFoRe pUBlicAtion oF the FinAnciAl StAteMentS

dates indication of event. Favorable not applicable. unfavourable not applicable

Key dates and post-balance sheet events at 30 June 2015i- KeY dAteS. Balance sheet date (1) 30 June 2015. Date for drawing up the financial statements (2) Sept. 2015

(1) Justification in the event of any change to the balance sheet date(2) Justification in the event that the statutory 3-month period for drawing up the financial statements is exceeded

Summary of key items over the last three periods at 30 June 2015 (thousand MAD)

iteM June 2015 december 2014 december 2013

ShAReholdeRS’ eQUitY And eQUiVAlent 29 201 765 28 988 001 27 377 268 opeRAtionS And incoMe in FYNet banking income 6 161 413 11 448 552 10 135 404 Pre-tax income 2 885 135 5 368 254 4 747 064 Income tax 636 125 1 824 140 1 457 578 Dividend distribution 2 035 272 1 933 508 1 811 188

peR ShARe inFoRMAtion (in MAd)Earning per shareDividend per share 10,00 9,50 9,00

StAFFtotal staff costs 918 923 1 773 329 1 683 047 Average number of employees during the period

Documents

as of June 30, 2015 - Attijariwafa Bank juin 2015-vang.pdf · as of June 30, 2015 Results 15 Contact: Financial Information and Investor Relations - Ibtissam Abouharia, email: [email protected]